Dec 6 (Reuters) - Oil prices dipped on Friday, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026.
Brent crude futures were down 20 cents, or 0.3%, to $71.89 per barrel at 0910 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, to $68.16 per barrel.
For the week, Brent was on track to fall 1.5%, while WTI was on course for a 0.2% gain.
The Organization of the Petroleum Exporting Countries and its allies on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.
The group, known as OPEC+ and responsible for about half of the world's oil output, was planning to start unwinding cuts from October 2024, but a slowdown in global demand - especially in China - and rising output elsewhere have forced it to postpone the plan several times.
"The outcome of the latest meeting of OPEC+ members surprised us positively ... The extension of the production cuts shows the group remains united and is still targeting to keep the oil market in balance," UBS analyst Giovanni Staunovo said.
In contrast to market expectations, UBS expects falling oil inventories this year and a closely balanced market in 2025 to support prices over the coming months, Staunovo added. UBS forecasts Brent to average $80 next year.
Brent has largely stayed in a tight range of $70-75 per barrel in the past month, as investors weigh weak demand signals in China and heightened geopolitical risk in the Middle East.
"The general narrative is that the market is stuck in its rather narrow range. While immediate developments might push it out of this range on the upside briefly, the medium-term view remains rather pessimistic," PVM analyst Tamas Varga said.
Morgan Stanley raised its Brent price forecast to $70 per barrel for the second half of 2025, from $66-68 a barrel, noting that the updated OPEC+ production agreement tightened its supply and demand outlook, especially for the second half.
Still, Morgan Stanley estimates an oil market surplus in 2025, although smaller than before.
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a pre...
Leaders of the Group of Seven wealthy nations will meet at a French lakeside resort on Monday against a backdrop of preliminary deal to end U.S. and I...
Four people were killed while the Kyiv Pechersk Lavra monastery, a symbol of Ukrainian spiritual and cultural history, caught fire, in the heaviest Ru...
Türkiye and Saudi Arabia are aiming to establish a railway connection linking the two countries through Syria and Jordan within the next three to fou...
As football supporters around the world follow the 2026 FIFA World Cup, a group of young women in Gaza are fighting a very different battle - rebuildi...
Iran and Israel have halted strikes on each other, but Tehran has warned it will recommence attacks if Israel continues military action in Lebanon. U.S. President Donald Trump and Lebanese President Joseph Aoun have meanwhile made pleas for peace.
Energy debates usually follow a familiar script. Markets, climate, renewables, oil, gas, batteries, hydrogen, critical minerals and geopolitics dominate the conversation. One of the world's largest energy consumers is often left outside that frame: the military.
Kazakhstan has restored oil production after an accident at the Tengiz oil field briefly disrupted output last week, while also signalling its readiness to increase crude shipments through the Baku–Tbilisi–Ceyhan (BTC) pipeline.
Uzbekistan recorded further declines in the production of key energy resources during the first four months of 2026, even as output of fuel products, electricity and construction materials increased, according to the latest data from the National Statistics Committee.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
At the start of 2026, something unusual happened in China's car market. BYD, the company that had spent years at the top of the domestic sales charts, was knocked off its perch by a rival.
Apple has unveiled a long-awaited upgrade to Siri, aiming to close the gap with technology rivals and emerging artificial intelligence firms in an increasingly competitive market.
ChatGPT maker OpenAI has confidentially filed for a U.S. initial public offering (IPO), the company said on Monday, joining rival Anthropic in a race to the stock market as investors seek exposure to the artificial intelligence boom.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment