Oil Prices on Track for Seven-Week Decline Amid Supply Surplus and Weak Chinese Demand

Despite OPEC+ Pledges, Production Expected to Drop Only Slightly; U.S. Output Remains Near Record Highs

Oil benchmarks are on track for a seven-week decline due to concerns about a supply surplus and weak demand from China.
Saudi Arabia and Russia, the world's two biggest oil exporters, have called for all OPEC+ members to join an agreement on output cuts to help stabilize the global economy.
Despite OPEC+ members' pledges, total production from OPEC+ countries is expected to drop by only 350,000 barrels per day from December 2023 into January 2024.
Chinese customs data showed its crude oil imports in November fell 9% from a year earlier due to high inventory levels, weak economic indicators and slowing orders from independent refiners.
In the United States, oil output remained near record highs of more than 13 million barrels per day.