The OPEC pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed, with Libya again posting the largest increase

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025 and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5

Saudi Arabia, Russia and Kazakhstan stressed the importance of full commitment to the voluntary oil production cuts agreed by the Organization of the Petroleum Exporting Countries and their allies

President-elect Donald Trump’s plan to impose a 25% tariff on Canadian and Mexican imports on his first day in office does not exempt oil from the trade sanctions

OPEC+ has already delayed a plan to gradually increase production several times this year due to falling prices, weak demand, and increased output from producers outside the group

Oil prices rose as Russia and Ukraine exchanged missile strikes, overshadowing the impact of a larger-than-expected increase in U.S. crude inventories

The goal is to reach an agreement for the countries involved in this framework to commit to ensuring that their export credit agencies stop providing subsidies for overseas oil and gas projects

China’s refinery throughput in October fell 4.6% from last year, down from year earlierfor a seventh month, as plant closures offset the ramp up ofa newly started complex and demand from holidaytravel, official data showed.

Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said, as rising production from the US and other producers outpaces sluggish demand

In a monthly report, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023