Posted 12/4/2023, 7:20:00 PM
Oil Prices Continue 3-Day Slide Despite OPEC+ Cuts As Demand Outlook Weakens
- Oil prices have dropped for 3 straight sessions despite OPEC+ production cuts
- Global oil demand outlook has weakened, contributing to 2 months of crude price declines
- Saudi Arabia expected to maintain 1 million barrel/day cuts through 2024 (per Kpler)
- Non-OPEC oil producers like US, Canada, Guyana increasing output, offsetting OPEC+ cuts
- Doubts that OPEC+ members will fully comply with voluntary production cut targets