"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, showing little change from October. OPEC+ agreed to continue increasing production in the fourth quarter of this year, but the rate of increase has clearly slowed after significant production increases in previous months. The global oil market is showing signs of oversupply, and several forecasting agencies expect the surplus situation to worsen next year, as the supply increase from OPEC and other oil-producing countries is expected to exceed demand growth
