This trend implies that the group may encounter challenges in easing production cuts unless there is a significant acceleration in global oil demand or OPEC is willing to accept lower 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

The top Arab energy ministers of OPEC arrived in Doha to participate in the 12th Arab Energy Conference, as countries face off at the COP28 UN climate summit over a potential agreement to phase out fossil fuels gradually

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

Russian Deputy Prime Minister Alexander Novak said in an interview that there were no plans to create an international natural gas cartel similar to the Organization of the Petroleum Exporting Countries

Russia has not discussed with the OPEC+ group of leading oil producers a possible crude oil supply increase to compensate for Russia’s fuel exports ban, the Kremlin said

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility

The Organization of the Petroleum Exporting Countries (OPEC) said data-based forecasts do not support the International Energy Agency’s (IEA) projection that demand for fossil fuels would peak in 2030