OPEC's "Monthly Report on the Oil Market" eased concerns about declining demand, with European and American crude oil futures rising for three consecutive days. On Monday (November 13th), the settlement price of West Texas Light Crude Oil for December 2023 on the New York Mercantile Exchange was $78.26 per barrel, an increase of $1.09 or 1.41% from the previous trading day, with a trading range of $76.21 to $78.64; The settlement price of Brent crude oil for January 2024 on the London Intercontinental Exchange is $82.52 per barrel, an increase of $1.09 or 1.34% from the previous trading day, with a trading range of $80.41 to $82.84.

OPEC stated in its November Monthly Oil Market Report released on Monday that the fundamentals of the oil market remain strong and blamed speculators for the price decline. The OPEC report slightly revised up its forecast for global oil demand growth in 2023 and insisted on its relatively high 2024 oil demand forecast. OPEC believes that market weakness has been exaggerated and that the global economy is more resilient than originally thought. At the same time, OPEC's own production is also increasing. The report predicts that global oil demand will increase by 2.5 million barrels per day this year, an increase of 100000 barrels from the predicted value in October. The OPEC report states: The fundamentals of the global oil market remain strong, and the negative sentiment surrounding demand has been exaggerated. Recent data confirms that the main global growth trends are strong, and the fundamentals of the oil market are healthy. Stronger than expected economic growth in the United States and China is the main reason for the rising bullish sentiment. OPEC has raised its 2023 US economic growth forecast from 2% to 2.3%, and its 2024 economic growth forecast from 0.7% to 0.9% . OPEC stated that China's demand is healthy, and the daily average import volume of crude oil from China in October increased by 240000 barrels compared to September.

OPEC will maintain its forecast for global average daily oil demand growth in 2024 at 2.2 million barrels. OPEC estimates that non OPEC oil producing countries will have an average daily supply of 1.8 million barrels in 2023, an increase of 100000 barrels from the previous report's forecast, while maintaining a daily supply forecast of 1.4 million barrels in 2024.