On Thursday, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, 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 action taken by OPEC+ eats quite heavily into the surplus that was expected over 2025 however, it failed to prevent the decline in oil prices. One reason for this was that the OPEC+ decision was anticipated. Another reason was that the decision reinforced the perception that oil demand for the group is too weak to justify any supply restoration. However, some analysts dismiss the second reason.

A rising number oil and gas rigs deployed in the United States this week, pointing to rising production from the world’s biggest crude producer, also pushed prices lower.
Energy services firm Baker Hughes said oil rigs rose five to 482 this week, their highest level since mid-October, while gas rigs rose by two to 102, the highest since early November.

Crude oil inventories in the United rose by 1.232 million barrels for the week ending November 22, according to The American Petroleum Institute (API). Analysts had expected a draw of 2.06 million barrels. For the week prior, the API reported a 4.753 barrel build in crude inventories. A mixed U.S. jobs report, which showed a strong rebound in hiring but also a slight rise in the unemployment rate, extended oil’s losses.

With the fall of the Ba’ath Party in Syria, the developments in the Middle East entered a new phase. On the morning of Sunday, December 8, armed opposition groups entered Damascus, the capital of Syria, and after capturing the presidential palace and the state television station, they declared the fall of Bashar al-Assad’s government.

In the first week of December, bitumen prices decreased in most parts of the world due to the cold season and the suspension of road construction activities. The export price of bitumen in Europe saw reductions in the Mediterranean, Rotterdam, the Baltic, and Italy, with prices falling by $9.5, $12.5, $12.5, and $5 respectively, reaching average prices of $402/t, $428/t, $418/t, and $407/t. In Singapore and Thailand, the average prices for export cargoes were $435/t and $430/t, respectively. However, in South Korea, these cargoes were traded at $410/t, reflecting a $2 increase. The upward trend continued in the Persian Gulf region. In Iran, the price of bulk bitumen cargoes rose by $10, reaching $360/t.