A meeting of senior OPEC+ ministers kept oil output policy unchanged and pressed some countries to increase compliance with output cuts

The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum, opens new tab Chief Executive Vicki Hollub said

Global oil demand is expected to increase by almost 2 million barrels a day in 2024, with China accounting for more than 25% of the increase, consultancy Wood Mackenzie said in a report

OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact date has not been decided

This trend implies that the group may encounter challenges in easing production cuts unless there is a significant acceleration in global oil demand or OPEC is willing to accept lower prices

Russian President Vladimir Putin has extended until June 30 the ban on selling crude oil and petroleum products to recipients adhering to the price cap set by the G7 countries, EU and Australia

World consumption will rise by 1.1 million barrels per day(bpd) in 2024, IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices

OPEC said it remains cautiously optimistic about the fundamentals of the oil market for 2024 and blamed ‘exaggerated concerns’ about demand for the recent price drop, while sticking to its relatively high prediction of crude consumption for next year

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility

Saudi Arabia and Russia agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices