At its recent meeting, OPEC+ extended its base oil production cuts through 2025 despite a drop in oil prices after the announcement, a move that reflects uncertainties about future oil demand.
China s oil market experienced significant growth last year, with record-high imports and domestic production, indicating robust demand both domestically and internationally.
For OPEC+ the situation is difficult as the more it cuts production, the more traders would question the outlook on oil demand, as suggested by the latest cuts.