Posted 1/10/2024, 1:33:00 PM
OPEC+ Faces Pressure to Maintain Oil Production Cuts As Demand Recovers and New Supply Comes Online
- OPEC+ will likely need to maintain production cuts as new oil supply comes online from various countries
- Oil demand is still growing in Asia, led by China and India
- Red Sea shipping attacks have not severely impacted oil prices or shipping
- More oil production is coming from the US, Venezuela, Iraq's Kurdish region, while Libyan output has been disrupted
- Jet fuel demand is rebounding and may soon exceed pre-COVID levels, especially in China