Amid a backdrop of bearish 2025 oil demand forecasts, Opec+ ministers are scheduled to meet in Vienna on 1 December to agree a strategy for next year, and more crucially determine whether they will go ahead with returning 2.2mn b/d to the market.
The phasing-out of these ‘voluntary’ cuts has already been pushed back from October to January (MEES, 8 November). And whilst monthly reports from major agencies this week indicate a plunge in stocks, demand growth expectations for 2024 and 2025 remain firmly below the 2mn b/d-plus levels seen in 2022 and 2023, indicating that perhaps another extension is on the cards. (CONTINUED - 771 WORDS)
