Uncertainty surrounds OPEC production plans for December, with traders divided and the group facing challenges like lower demand forecasts and China's import slowdown.
Oil traders can't seem to agree on where
has touted plans for a boost, but the group's go-to mantra—adjusting output based on market 'realities'—is giving traders pause. According to a Bloomberg poll published on Wednesday, 16 of 30 traders are betting that members skirting their quotas. It also has a history of getting other members on board with even painful production plans.
Monthly Oil Market Report downgraded demand growth for 2024 to 1.9 million bpd—a post-COVID high but below recent peaks—while demand forecasts for 2025 slipped another 102,000 bpd to 1.6 million bpd. China, meanwhile, ramped up imports by 16% month over month in August, but the rise still falls short of August 2023 levels, muddying the waters on demand and keeping oil markets on edge.
Oil Production December Hike Saudi Arabia Demand Outlook China Imports Oil Markets Traders November MOMR Saudi OSP
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