"Commodity" OPEC's November production stable, clear signs of oversupply in the global oil market

According to external media surveys, OPEC's crude oil production remained stable last month, with OPEC's average daily oil production in November slightly above 29 million barrels, not much different from October. OPEC+ agreed to continue increasing production in the fourth quarter of this year, but the rate of increase has significantly slowed after a substantial increase in previous months.

The global oil market is showing signs of oversupply, with several forecasting agencies predicting that the surplus situation will worsen next year, as the supply increase from OPEC and other oil-producing countries is expected to exceed demand growth