Oil prices dipped as concerns over China's slow post-pandemic recovery and weak global economic data outweighed expectations of supply cuts by OPEC+ producers.
Oil prices ease as uncertain economic outlook for China outweighs expectations of tighter supplies from extended supply cuts in Saudi Arabia and Russia.
Goldman Sachs predicts that oil prices could reach $107 per barrel next year if OPEC+ producers maintain their production cuts, although this is not their base-case scenario.
OPEC expects robust growth in global oil demand in 2023 and 2024, with pre-pandemic levels surpassing by 2023, due to signs of strong recovery in major economies despite challenges like high interest rates and inflation.
Oil price volatility is expected to surge due to the significant supply shortfall caused by the OPEC+ supply cuts, potentially leading to a surplus if cuts are unwound next year but with low oil stocks.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman defends OPEC+ cuts to oil supply, citing the need for light-handed regulation to limit market volatility and expressing uncertainty about Chinese demand, European growth, and central bank action to tackle inflation.
The head of OPEC warns that a lack of investment in the oil industry poses a danger to global energy security and could cause crude prices to reach $100 a barrel.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
The start of October saw oil prices decline due to factors such as a strong dollar, weak economic data from Europe, and the potential for another OPEC+ policy change.
Oil prices fell ahead of an OPEC+ meeting as concerns about high interest rates and a strengthening dollar outweighed expectations of supply tightness.
The OPEC+ ministerial panel, consisting of OPEC and allies led by Russia, has made no changes to the group's oil output policy, as Saudi Arabia and Russia commit to voluntary supply cuts to support the market.
The OPEC+ panel has decided to maintain the current oil production policy, acknowledging the voluntary supply cuts made by Saudi Arabia and Russia, and expressing support for their efforts in stabilizing the oil market.
OPEC+ decides to maintain current oil production cuts, causing a drop in crude oil prices despite the potential need for higher prices to impact demand, with oil demand booming in China and India but declining in the US.
The International Energy Agency (IEA) has lowered its forecast for oil demand growth in 2024 due to global economic conditions and increased energy efficiency, but raised its forecast for 2023 demand; however, the IEA warns that if OPEC+ unwinds its supply cuts in January, the market could shift to surplus.
