Brent crude futures rose in early Asian trading as the market closely watches the oil supply outlook, waiting for OPEC+'s decision on whether to lift voluntary oil production cuts.
As of 12:00 PM Beijing time, the ICE Brent January contract price is $73.25 per barrel, up 24 cents from the settlement price on November 25, when the contract price fell $2.16 from the previous trading day.
The WTI crude oil January contract price is $69.16 per barrel, up 22 cents from the settlement price on November 25, when the contract price fell $2.30 from the previous trading day.
According to four representatives, the OPEC+ ministerial meeting originally scheduled for this weekend at the OPEC Secretariat in Vienna may be held online instead.
The upcoming meeting will require the eight member countries (led by Saudi Arabia and Russia) to decide whether to continue the gradual lifting of the 2.2 million barrels/day voluntary production cut plan starting in January.
However, due to ongoing concerns about oil demand and the massive oversupply forecast starting in early 2025, these eight member countries may again delay restoring production of 2.2 million barrels per day.
In addition, Kazakhstan's Energy Minister Almasadam Satkaliyev stated that Kazakhstan plans to produce over 100 million tons/year (approximately 2.07 million barrels/day) of crude oil and condensate starting in 2026.
The expansion of the Tengiz oil field will increase production by 12 million tons/year, while the 350 million cubic meters of new natural gas processing capacity at the Kashagan offshore project will increase production by 1 million tons/year starting in 2026, and an additional 2 million tons/year by 2029.
Oil prices fell due to news of a ceasefire between Israel and Palestine, but the weakening dollar may limit the downward pressure brought about by easing geopolitical tensions.
(The above content comes from the latest views of the independent international energy and commodity price assessment agency Argus.)
Article forwarded from: Jinshi Data