Oil - Demand vs policy

Oil - Demand vs policy Oil prices held steady (Brent prices: USD71.83/bbl; -4.3% mom, -5.3% ytd) as markets balanced stronger demand from China’s factory activity in 5 months recovery with concerns over the Fed maintaining interest rates in December. Geopolitical tensions, OPEC+ discussions on extending production cuts for 2025, and a stronger dollar also weighed on prices. Focus remains on OPEC+'s decision, which will clarify supply policy and shape market dynamics. (Source : Reuters) Comment : We project an average of USD80/bbl in 24F, declining to ~USD70/bbl in 25F–27F. Therefore, it is important to monitor oil and gas companies heavily reliant on oil production, as their growth potential may not match prior years.