13 Nov, 23

OPEC Says Demand Concerns Are Overblown As Fundamentals Stay Strong

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OPEC continues to view the oil market fundamentals as strong with Chinese crude imports set to increase to a new annual record in 2023, the cartel said on Monday, describing the most recent negative market sentiment as exaggerated.   “Recent data confirms robust major global growth trends and healthy oil market fundamentals,” OPEC said in its closely-watched Monthly Oil Market Report (MOMR), echoing last week’s comments from Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman. Last week, the energy minister…

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