Despite recent declines in oil prices driven by financial market speculators, OPEC's latest report underscores robust global economic growth, healthy oil market fundamentals, and strong demand. The report notes positive indicators such as increasing Chinese crude imports, Asian refining margins remaining strong, and a decline in global crude stocks in Q3 2023. OPEC emphasizes the proactive measures taken by participating countries in the Declaration of Cooperation (DoC) to stabilize the oil market, with commitments extended until the end of 2024.

SOURCE:GOOGLE