OPEC Output

Oil is trading near $71 a barrel in London after sinking to the lowest since 2021 last week, following Opec+'s decision to gradually restart halted production from April

Last week marked WTI's seventh consecutive weekly loss, the longest losing streak since November 2023, while Brent fell for a third consecutive week

Brent futures fell 45 cents, or 0.63 per cent, to $70.59 a barrel at 0953 GMT. US West Texas Intermediate (WTI) crude declined 74 cents, or 1.08 per cent, to $67.52 a barrel

Opec, in a monthly report, said demand will rise by 1.43 million barrels per day in 2026, a similar rate to the growth of 1.45 million bpd expected this year

The Organization of the Petroleum Exporting Countries pumped 26.46 million barrels per day last month, down 50,000 bpd from November

Opec+ pumps about half of the world's oil and earlier this month delayed a plan to raise output until April

Crude prices moved higher Monday on the prospects for additional stimulus measures in China that could revive economic growth and energy demand

The oil producer group on Thursday pushed back the start of oil output rises by three months until April 2025

Opec+, which pumps about half the world's oil, had been planning to start unwinding cuts from Oct 2024 but a slowdown in global demand and rising output outside the group forced it to postpone plans

Brent crude futures rose 39 cents, or 0.5 per cent, to $72.70 a barrel by 0944 GMT, while US crude futures were at $68.97 a barrel, up 43 cents, or 0.6 per cent

An output hike of 180,000 bpd - a fraction of the total - was planned for January from the eight members involved in OPEC+'s most recent cuts of 2.2 million bpd. The hike has been delayed from October

Opec+ is likely to extend its latest round of output cuts until the end of the first quarter at its Dec 5 meeting

The meeting was originally scheduled for December 1, 2024. A handful of Opec members are set to gradually bring 2.2m b/d of supply back onto the market next year

Key Opec+ nations have begun discussions to delay an oil production restart planned for January, potentially for several months

This was slightly above the quota agreed by the Opec+ group of leading oil producers, which includes Opec and allies such as Russia

The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.82 million barrels per day in 2024, down from 1.93 million bpd it expected last month

He said technological changes such as green hydrogen and the transition to cleaner energy will change the global oil demand landscape in five years

Brent crude futures gained $1.41, or 2 per cent, to $72.53 a barrel by 1236 GMT. US West Texas Intermediate crude futures edged up $1.34, or 2 per cent, to $68.55 per barrel

OPEC+ is cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022

Oil prices have fallen in 2024 with Brent crude last month slipping below $70 a barrel for the first time since 2021, pressured by concern about global demand and rising supply outside Opec+