Oil prices fall on supply glut fears despite OPEC+ output cut

NEW YORK (Reuters) -Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to …

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Oil Prices Fall On Supply Glut Fears Despite OPEC+ Output Cut

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NEW YORK (Reuters) -Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to …

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Oil Prices Fall On Supply Glut Fears Despite OPEC+ Output Cut …

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Dec 7, 2024 · NEW YORK, Dec 6 (Reuters) – Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand …

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Oil Prices Drop On Supply Glut Fears Despite OPEC+ Output Cut

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NEW YORK (Reuters) - Oil prices fell 1% on Friday and were headed for weekly losses as analysts projected a supply surplus next year on floundering demand despite an OPEC+ …

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Oil Prices Fall On Supply Glut Fears Despite OPEC+ Output Cut …

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Dec 7, 2024 · Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay …

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Oil Prices Fall On Supply Glut Fears Despite OPEC+ Output Cut …

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Dec 6, 2024 · Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay …

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Oil Prices Fall On Supply Glut Fears Despite OPEC+ Output Cut …

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Dec 6, 2024 · Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay …

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Oil Prices Fall On Supply Glut Fears Despite OPEC+ Output Cut …

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Dec 6, 2024 · NEW YORK (Reuters) -Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an …

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Oil Prices Decline Amid Supply Glut Concerns Despite OPEC+ Cuts

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Dec 7, 2024 · Oil prices experienced a notable decline on Friday, falling over 1% as fears of a supply surplus loomed despite OPEC+ extending its output cuts until 2026. Analysts predict …

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Oil Price Tumbles As Opec Struggles To Agree Output Cut

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Dec 6, 2018 · Benchmark crude prices have plummeted 30 per cent in the past two months as global supplies have started to outstrip demand, dropping from above $86 a barrel in early …

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FAQs about Oil prices fall on supply glut fears despite OPEC+ output cut Coupon?

Why did oil prices fall on Friday?

Oil prices fell on Friday as analysts continued to forecast a supply surplus in 2025 despite the OPEC+ decision to postpone planned supply increases and extend deep output cuts to the end of 2026. ...

Does OPEC+ face a major oil oversupply in 2025?

OPEC+ faces a major oil oversupply in 2025, challenging production increases. The coalition has tried to boost oil prices by holding back output. Instead, members are ceding control to non-OPEC producers, such as the US. OPEC's position in the oil market is slipping, and next year's massive supply glut will likely further loosen the cartel's grip. ...

Why did OPEC delay planned oil prices?

OPEC delayed planned output hikes by two months, but the move failed to reverse price declines. Weaker economic data from China and the potential return of Libyan oil production have contributed to fears of oversupply. OPEC maintained its supply growth estimates for 2024, with the U.S., Canada, and Brazil leading non-OPEC production. ...

Will OPEC increase oil demand in 2024?

OPEC has revised down its forecast for oil demand growth as oil prices continue to slump, erasing all gains made earlier this year. In its latest report, the cartel projected global oil demand to grow by 2.03 million barrels per day in 2024, down from its previous estimate of 2.11 million barrels. ...

Are oil market participants overestimating a supply glut?

Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday. ...

Is global oil supply outstripping demand?

Rising global oil supply and weaker-than-expected demand have made traders increasingly bearish on oil prices. The top executives of some of the biggest independent oil traders also said this week that supply is outstripping demand. ...