Crude oil prices rose 2.6% to ₹5,929 per barrel on expectations that OPEC+ will continue its current production cuts until Q1 2025. In a sign of increased competition in the region, Saudi Arabia is expected to cut oil prices for Asian consumers to their lowest point in four years. The EIA Petroleum Status report revealed a 1.844 million barrel fall in US crude inventories, which exceeded market expectations and further supported prices. The International Energy Agency (IEA) has forecast that global supply will exceed demand by 1 million barrels per day (bpd) next year due to a slowdown in North American and Chinese economic activity.
Crude prices rise on expectations that OPEC+ will extend production cuts until Q1 2025
