The world price of oil on November 25; Brent was 71 dollars and 96 cents
reported Mehr News Agency quoted Reuters, the price of oil has decreased in trading on Friday. The demand for oil in China, as the world’s largest oil importer, is still at a low level amid weak economic growth.
The price of a barrel of Brent North Sea oil today decreased by 60 cents, equivalent to 0.83%, to 71 dollars and 96 The tradition arrived. Texas Intermediate oil West also decreased by 59 cents, equivalent to 0.86%, to $68.11 Tradition is traded.
Brent oil 2.7% and American oil 3.3% decreased in price over the past week.
Analysts believe that despite the fact that oil prices have stabilized around the level of $71 per barrel this week, the lack of an optimistic stimulus indicates the weakness of price growth in the current situation.
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The prospect of higher oil production from the United States and the member countries of the OPEC+ alliance, along with doubts about China’s economic growth, continue to affect oil prices.
Chinese oil refineries processed 4.6% less crude oil in October compared to last year. Some refineries have closed and activity has decreased in smaller independent refineries.
The International Energy Agency predicts that global oil supply will exceed demand in 2025 despite the continued decline in OPEC+ production. It seems that the increase in the production of the United States and other countries outside this coalition will create a surplus supply.
The agency increased its demand growth forecast in 2024 by 60,000 barrels per day to 920,000 barrels per day, but kept the demand growth forecast unchanged for next year. It has kept 990 thousand barrels per day.
This week, OPEC lowered its forecast for the growth of global demand for oil this year and next year, citing weak demand in China, India and other regions as the reason.
According to the US Energy Information Administration report, the country’s crude oil reserves increased by 2.1 million barrels over the past week, which was much higher than analysts’ forecast of 750,000 barrels.
