OPEC+ is set to convene a ministerial meeting to discuss extending production cuts, but the event has been postponed due to disagreements among some African member countries. Meanwhile, Morgan Stanley projects that non-OPEC supply will increase by 1.4 million barrels per day next year, while oil demand growth may slow to around 1.2 million barrels per day by 2024. With Russia lifting its temporary ban on diesel exports and Venezuela looking to gradually restore its oil market share in the US, the oil market is showing signs of balancing out. As OPEC tests the market with various messages ahead of the meeting, investors are advised to approach with caution.
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