Yet another brutal week for crude prices as forecasted in last weeks report, with growing concerns over the major import engine Chinas demand outlook.
The October WTI contractfell dramatically $2.96 on the Nymex to close at $65.75/bbl — a 33-month low, before gaining some minor traction and as of writing hovering just above $67/bbl. With limited optionsdue to market condition the OPEC-8, Saudi Arabia, Russia, UAE, Iraq, Kuwait, Algeria, Oman and Kazakhstan agreed to further extend the 2.2 million bpd cut.
On another note, OPEC in its latest Monthly Oil Market Report (MOMR) released Tuesday the organization lowered its estimates for global oil demand growth in 2024 for a second consecutive month. With the minor downward revision of 80 Kbpd the new estimates for 2024 are 2.0 million bpd y-o-y, well above the pre-pandemic historical average of 1.4 million bpd.
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