Oil prices plummeted, erasing their gains for the year, after a deal to restore Libyan supplies shifted market focus back to concerns about weak global crude demand

Goldman Sachs has raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80

A meeting of senior OPEC+ ministers kept oil output policy unchanged and pressed some countries to increase compliance with output cuts

Russia leapfrogged Saudi Arabia to become China’s top crude oil supplier in 2023, as the world’s biggest crude importer defied Western sanctions to purchase vast quantities of discounted oil

Saudi Arabia and Russia agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices

Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year

A survey found that OPEC pumped 27.34 million barrels per day (bpd) this month, marking a decline of 840,000 bpd from June. This is the lowest output level since September 2021

Goldman Sachs said that with soaring global gas prices, a colder winter in Europe and Asia could in turn boost demand for oil, putting upside risk of $5 per barrel for its Brent price forecast in the fourth quarter of 2021 of $ 80 a barrel

Oil prices will struggle to break out of current ranges this year as a spike in the Delta coronavirus cases threatens to slow a demand recovery, a Reuters poll showed

Oil prices steadied after four days of declines, with investors still worried about the outlook for fuel demand as the use of rail, air and other forms of transport is constrained by surging COVID-19 cases worldwide