The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast

OPEC cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine

The Organization of the Petroleum Exporting Countries (OPEC) renewed the term of Secretary General Haitham Al Ghais for another three years at a virtual meeting, the oil producer group said

The Organization of the Petroleum Exporting Countries is set re-elect current secretary general Haitham al-Ghais for a second three-year term at a virtual meeting on Dec. 10

OPEC+ pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group

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