Oil futures fell nearly 2% as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices

The OPEC pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed, with Libya again posting the largest increase

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025 and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5

Saudi Arabia, Russia and Kazakhstan stressed the importance of full commitment to the voluntary oil production cuts agreed by the Organization of the Petroleum Exporting Countries and their allies

OPEC+ has already delayed a plan to gradually increase production several times this year due to falling prices, weak demand, and increased output from producers outside the group

Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said, as rising production from the US and other producers outpaces sluggish demand

In a monthly report, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023

OPEC+ could delay December’s planned increase to oil production by a month or more, sources close to the matter said, citing concern about soft oil demand and rising supply

A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasizing the need for some members to make further cuts to compensate for overproduction

The Organization of the Petroleum Exporting Countries and its allies will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members