Oil ministry officials said India diversified its sources to import crude from as many as 39 nations and hoped the return of OPEC member Venezuela would add to the country's list of steady suppliers.

The Brent crude oil price will increase from an average of $90 per barrel (b) in the fourth quarter of 2023 to an average of $93/b in 2024.

Global oil demand is now projected to rise by 2.4 million b/d in 2023 to 102 million b/d, but growth will decelerate to 930,000 b/d in 2024,

Brent rose 6 cents to $86.91 a barrel, WTI gained 12 cents, or 0.2%, to $82.58 a barrel.

Russia is counting on a planned new pipeline to China as it seeks to make up for lost gas sales in Europe, but industry insiders see major political risks around a project that is overly dependent on one buyer and question whether it will justify the huge costs.

China has ramped up coal output since the 2021 power crisis in order to avoid a repeat, with this year’s annual production set to notch another record. Demand growth has also been relatively subdued amid China’s bumpy economic recovery.

However, there are growing signs of a thaw in relations between the Biden administration and Caracas, with the sides holding talks to explore temporarily lifting sanctions to encourage Venezuela to hold competitive presidential elections next year.

Brent rose $1.16, or 1.3%, to $89.09 a barrel. WTI climbed $1.08, also 1.3%, to $84.29 a barrel.

Prince Abdulaziz said that the energy transition will require hydrocarbons including petrochemicals.

Brent crude futures climbed 94 cents, or 1%, to $93.32 a barrel by 0307 GMT. U.S. West Texas Intermediate crude was at $90.78 a barrel, up $1.41, or 1.6%.

Oil has become the gift that keeps on giving. Aggressive long liquidation leaves the markets exposed to a strong geopolitical bid as it has a direct effect on oil production and transportation in the Middle East.

Brent rose 50 cents, or 0.6%, to $86.50 per barrel, WTI gained 64 cents, or 0.8%, to $83.55 a barrel.

The Brent spot price increasing to average $95 per barrel (b) in 2024.

Brent were up 36 cents, or 0.4%, at $84.43. WTI were up 42 cents, or 0.5%, at $82.73.

The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023.