Angola said it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices

U.S.-led coalition imposing a price cap on Russian oil announced changes to its enforcement regime, which, according to the Treasury Department, will make it even more difficult for Russian exporters to evade the cap

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

OPEC’s oil production fell in November, marking the first monthly decline since July, according to a Reuters survey, due to lower shipments from Nigeria and Iraq amid ongoing cuts by Saudi Arabia and other members

The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman

OPEC+ members reached an agreement to voluntarily cut their oil production by around 2.2 million barrels per day (bpd) at the beginning of next year, led by Saudi Arabia, which will extend its current voluntary reduction

The OPEC share in Indian oil imports in October reached a 10-month high as refineries purchased more crude from Saudi Arabia and the United Arab Emirates after discounts were reduced for Russian crude that month, according to trade data

Russia’s energy ministry said it expects the country’s exports of crude oil and petroleum products to fall in November by more than 300,000 barrels per day (bpd), compared to the average level in May-June