The world's top oil forecasters, OPEC and the International Energy Agency (IEA), are at odds over future oil demand, creating uncertainty for traders and investors.

The latest draft of the COP28 climate agreement has removed the call to phase out fossil fuels, replacing it with a broader call for countries to reduce planet-warming pollution.

The OPEC oil cartel has expressed concerns in leaked letters about the potential for a "fossil fuels phase out" being discussed at Cop28, the UN climate summit.

The OPEC+ coalition, comprising 23 oil-producing nations, has postponed a meeting to finalize output levels for 2024 by four days to November 30.

Oil prices dipped ahead of the scheduled OPEC+ meeting where discussions about potential supply cuts were expected.

Oil prices rose by approximately 2% as Iraq expressed support for OPEC+'s oil production cuts ahead of an upcoming meeting.

The diesel market is facing a crisis as output curbs from countries like Saudi Arabia and Russia limit the supply of medium and heavy crudes, crucial for diesel production.

Saudi Arabia has extended its unilateral oil production cut of 1 million barrels a day into September, and the country says it may extend or deepen the cuts further.

Russian crude oil exports continue at high levels with no significant evidence of output cuts, raising concerns among OPEC+ partners.

The Saudi Arabia and Russia-led Organization of Petroleum Exporting Countries (OPEC) made a decision last week that has been condemned by The White House and President Biden directly.