World oil supply falls breaking five-month uptrend

World oil supply fell by 190,000 b/d in November to 101.7 million b/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets, Oil Market Report – December of the International Energy Agency (IEA), Report informs.

“A steeper drop is expected next month as the EU ban on Russian crude imports and the G7 price cap take effect,” IEA said.