Oil futures extended declines Tuesday following OPEC+’s plan to return barrels to the market earlier than expected, raising concerns that the market will be oversupplied.
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OPEC sticks to oil demand view, shifts key forecast to OPEC+OPEC said world oil demand will rise by 2.25 million barrels per day in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month
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OPEC switches to 'call on OPEC+' in global oil demand outlook, sources sayExplore stories from Atlantic Canada.
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Oil price news: Oil slumps as OPEC’s surprise plan to raise output adds to gloomOil tumbled after OPEC+ unexpectedly rolled out a plan to restore some production to the market this year, adding to the bearish momentum crude has been experiencing for months.
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Oil price news: Oil steady after OPEC+ signals plan to return barrels to marketOil was little changed after OPEC+ set out a plan to restore some production as early as October, despite concerns over the demand outlook and robust supply from outside of the group.
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Oil price news: Oil slips in risk-off mood as attention turns to OPEC+ meetingOil futures dropped alongside equity markets as traders look ahead to Sunday’s OPEC+ meeting.
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Oil price news: Oil traders see 70 per cent chance of OPEC+ holding current supply curbsOil traders see about an 70 per cent chance that OPEC+ makes no changes to its current output cuts during the meeting this weekend, according to options positions on CME Group.
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