OPEC+ set to increase oil output from November amid Saudi-Russia divide - report

President Putin has approved the sale of Citigroup's business in Russia, a move that reflects the bank's accelerated exit from the country following Russia's invasion of Ukraine in 2022. This decision marks a significant step in the ongoing economic fallout from the conflict.

OPEC has revised its oil outlook, predicting a small surplus in 2026. This shift in forecast is significant as it reflects changing dynamics in the global oil market, potentially impacting prices and production strategies for oil-producing nations. The surplus could influence supply and demand balances, affecting economies reliant on oil exports.

OPEC has maintained its oil-demand forecast, indicating stability in its projections despite rising global inventories. This decision reflects OPEC's confidence in the demand for oil, which remains significantly higher than the estimates provided by the International Energy Agency. The divergence between OPEC's forecasts and those of the IEA highlights differing perspectives on the future of oil consumption and market dynamics, which are crucial for stakeholders in the energy sector.

On November 12, 2025, the ongoing conflict known as Russia's War on Ukraine reached its 1,358th day. This protracted war continues to have significant implications for regional stability and international relations, drawing attention to the humanitarian crisis and geopolitical tensions in Eastern Europe.

Oil prices fell significantly, marking the largest decline in a month, as OPEC reported that global crude supplies exceeded demand earlier than expected. This development indicates a potential oversupply in the market, which could lead to further price instability. The decline in oil prices is noteworthy as it reflects changing dynamics in the energy sector and could impact economies reliant on oil revenues.

Oil futures have increased for the third consecutive session, driven by concerns regarding the impact of sanctions on Russia and positive movements in distillate futures. Despite ongoing worries about oversupply in the market, these factors have contributed to a rise in oil prices, highlighting the complex dynamics at play in the global oil market. This trend is significant as it reflects how geopolitical events and commodity market movements can influence oil pricing, impacting economies and consumers worldwide.