The OPEC+ group, led by Saudi Arabia, plans to begin adding oil supply to the market as early as December despite evidence that oil demand growth this year would be lower than OPEC had initially expected. OPEC has now revised down its estimates of global oil demand growth for the third consecutive month, expecting Chinese consumption to continue to underperform earlier projections. Yet, OPEC+ now plans to add in December 180,000 barrels per day (bpd) to the market and to continue reversing throughout 2025 the current production cuts of about 2.2…
