The global oil demand growth forecast for 2024 remains unchanged at 2.2 mb/d, with the OECD growing by around 0.3 mb/d and the non-OECD by about 2.0 mb/d. The global oil demand growth in 2025 is expected to see a robust growth of 1.8 mb/d, y-o-y. The OECD is expected to grow by 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to increase by 1.7 mb/d.

Beijing’s agenda in the South China Sea may also be spurred by energy interests

Brent gained 28 cents to $78.16 a barrel , WTI rose 34 cents at $72.90.

On October 18, the US Treasury suspended certain sanctions measures on nVenezuela’s oil and gas sector operations.

Brent rose 21 cents, or 0.27%, to $77.01 a barrel. WTI gained 20 cents, or 0.28%, to reach $71.57 a barrel.

The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.

Brent frose 18 cents, or 0.2%, to $76.30 a barrel. WTI inched up 0.1%, or 6 cents, to $70.83 a barrel.

The US Treasury Department announced the steps Wednesday, including sanctions on Bellatrix Energy Ltd., a Hong Kong-based firm among the shadowy traders that emerged to help Russia keep its oil exports flowing.

Brent fell 22 cents, or 0.3%, to $79.48 a barrel. WTI was at $74 a barrel, also down 22 cents or 0.3%.

Brent rose 40 cents to $77.01 a barrel, WTI climbed 40 cents to $71.98.