Alex Lawler

OPEC oil output rose for a second month in November as Libya's production recovered after resolution of a political crisis, a Reuters survey found, though members making cuts pledged to the wider OPEC+ alliance kept output broadly steady.

The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said on Tuesday as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran.

OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision.

OPEC oil output drops in September on Libyan outage, Reuters survey finds

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision.

OPEC oil output fell in August to its lowest since January, a Reuters survey found on Monday, as unrest that disrupted Libyan supply added to the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.

OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October.

OPEC oil output rose in July, a Reuters survey found on Friday, as a rebound in Saudi Arabian supply and small increases elsewhere offset the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.

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