The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.

India's rising Russian imports have come at the expense of rival Middle Eastern producers. The Reliance-Rosneft deal would represent another challenge for competitors, including Saudi Arabia.

The Worldwide Rig Count for November was 1,708, down 46 from the 1,754 counted in October 2024, and down 86, from the 1,794 counted in November 2023.

Brent fell 6 cents, or 0.1%, to $72.03 per barrel, WTI lost 1 cent to $68.29 per barrel.

Brent rose 29 cents, or 0.4%, to $73.20 a barrel, WTI were at $69.2 a barrel, up 26 cents, or 0.38%.

The Meeting constitutes an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including through the frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’.

The investment bank still sees Brent averaging $76 per barrel in 2025, but edged down its 2026 forecast to $71 per barrel on a 0.9 mb/d surplus.

Brent rose 16 cents, or 0.2%, to $72.97, WTI rose 16 cents, or 0.23%, to $68.91.

Brent rose 15 cents, or 0.2%, to $73.45 a barrel, WTI were at $69.31 a barrel, up 15 cents, or 0.2%.

The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month’s assessment to 1.8 mb/d, y-o-y.

Brent fell 35 cents, or 0.5%, to $71.93 a barrel, WTI declined 42 cents, or 0.6%, to $68.01.

In a joint statement after the leaders' meeting, the countries agreed to enhance collaboration in sectors such as new energy vehicles, lithium batteries, photovoltaics, and the digital economy.

Brent fell 47 cents, or 0.6%, to $75.16 per barrel, WTI fell 55 cents or 0.8% to $71.81.

The murky waters are filled with Broken Oars for the start of the month in #NaturalGas as we enter the drastic weather changes season.There is a disparity of weather patterns from the 5-year average.

The Worldwide Rig Count for October was 1,754, up 3 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.