OPEC+ Delays Output Hike as Oil Prices Hit 14-Month Low

Concerns over demand in China and the U.S. lead OPEC+ to extend production cuts through November, despite significant U.S. inventory withdrawals.

Oil prices have reached their lowest levels since June 2023, with Brent crude settling at $72.69 per barrel and WTI at $69.15.
OPEC+ has delayed a planned production increase of 180,000 barrels per day, extending output cuts of 2.2 million barrels per day through November.
U.S. crude inventories saw a significant draw of 6.9 million barrels, exceeding analysts' expectations.
Libyan oil production remains disrupted due to political instability, but some tankers have resumed loading from storage.
Market sentiment remains bearish due to weak economic data from China and the U.S., impacting oil demand forecasts.