Posted 11/13/2023, 12:34:00 PM
OPEC: Oil Price Drop Caused by Speculators, Not Weak Demand; Output Rises Despite Supply Cuts
- OPEC says recent oil price drop mainly driven by market speculators, not weak fundamentals
- Slightly raises 2023 oil demand growth forecast, keeps 2024 prediction steady
- Notes October OPEC output rose despite pledged supply cuts, driven by Iran, Angola, Nigeria
- Calls physical crude market "robust", citing strong price differentials
- Upcoming Nov 26 OPEC+ policy meeting will decide on future production levels