Oil Market Defies Glut Talk, Demand Holds Steady

Despite a global oil supply surplus, storage hubs remain half-empty due to unprofitability. Demand remains robust, with India and China importing more Russian and crude oil. Producers, including Guyana, Brazil, and Canada, are increasing output. Prices may dip below $60 per barrel next year if the Ukraine war ends. OPEC+ paused production hikes and is considering fairer quotas. Consumers and politicians benefit from cheap fuel, but prices wont stay low forever as output adjustments rebalance the market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.