OPEC ministers and executives from oil companies told a two-day conference in Vienna that governments needed to turn their attention from supply to demand. OPEC is likely to maintain an upbeat view on oil demand growth for next year when it publishes its first outlook for 2024 this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC told Reuters. crude stocks, provided some support for prices. The cuts, along with a bigger than expected drop in U.S. The total cuts now stand at more than five million barrels per day (bpd), equating to 5% of global oil output. Top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. "This is coming at a time when OPEC+, especially Saudi Arabia and Russia, are reiterating their commitment to rein in production and exports, respectively." "While the inventories are supportive for oil prices today, the oil market is being dominated by fears of further rate increases," said Andrew Lipow, president at Lipow Oil Associates in Houston. gasoline and distillate inventories also dropped. crude stockpiles fell by more than expected last week.Ĭrude inventories fell by 1.5 million barrels in the last week to 452.2 million barrels, compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop. Supporting prices were data from the Energy Information Administration that showed U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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