OPEC+ has agreed to extend their production cuts into 2025.
The markets collectively shrugged. Weakening oil demand in the US and China, the US and Canada ramping up oil production, the recent defection of a small oil producing nation from OPEC, the growth of the EV and hybrid market in the US, Europe, and China, and surges in the natural gas industry are all keeping oil prices low.
There’s also some evidence that major market movers are ramping up attempts to sell off oil futures, which would drive down the stock price of major oil producers.
OPEC+ also extended the cuts rather than drive them even lower, as they’ve pretty much hit the market bottom. If they ramp up the cuts anymore, the US and Canada would start to take market share away from them faster than they already are.
If refinery output remains unchanged, or grows, then oil prices will continue to be suppressed.