Global Oil Market

OPEC has raised its long-term oil demand forecast, predicting that global demand will reach 120.1 million barrels per day by 2050, driven by growth in developing economies.

OPEC+ will proceed with its planned October oil output increase, despite market concerns, due to Libyan disruptions and hopes for a U.S. rate cut.

Oil prices jumped 3% as Libya’s production cuts and Middle East tensions heighten supply concerns, causing market fluctuations.

Global jet fuel demand is softening due to tightening travel budgets and improved fuel efficiency, leading to concerns about the broader impact on oil prices. With economic challenges in key markets and structural changes in the aviation industry, the outlook for jet fuel demand and oil prices remains uncertain.

OPEC+ keeps its current oil output policy unchanged, hinting at a possible pause or reversal of planned production hikes in October to stabilize the market.

Oil prices rise slightly on robust US GDP growth, but concerns over Asia’s economic outlook limit gains. The market balances optimism with caution amid uncertainties.

Rising oil prices influenced by China’s economic data and rising geopolitical tensions across key regions.

Oil prices defied expectations on Thursday, climbing due to worries about potential disruptions to global crude supply caused by geopolitical tensions in the Middle East and Europe, even though U.S. crude oil inventories unexpectedly increased.

Attacks by Yemen’s Houthis on Red Sea tankers are disrupting global oil shipments, forcing a surge in shipments around Africa’s Cape of Good Hope. This rerouting is raising concerns about oil supply stability and pushing up shipping costs.

OPEC is on the brink of another major conflict over oil production capacities, with member nations poised to clash over how much oil each country can produce.