OPEC: Oil market remains strong despite negative sentiment

Organization of the Petroleum Exporting Countries (OPEC) said on Monday that the fundamentals of the oil market remain strong and blamed speculators for the decline in prices, while it slightly raised its forecast for growth in global oil demand in 2023 and stuck to its relatively high forecast for 2024. .

According to Reuters, the price of Brent crude fell to about $82 per barrel from its highest level in 2023, which it recorded in September at nearly $98. Concerns about economic growth and demand pressured prices despite support coming from supply cuts from OPEC and its allies and conflict in the Middle East.

The organization revealed in a monthly report that the market is in a good position despite the “exaggerated negative sentiment,” and attributed this to the strength of Chinese imports, the slight possibility of a decline in economic growth, and the strength of the current oil market.