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The agreement on a ceasefire in Gaza has significantly reduced concerns about the potential threat posed by the conflict to key oil shipping routes such as the Strait of Hormuz. Market focus will now shift from geopolitical factors to the fundamentals of the global crude oil market, including OPEC+'s production increase execution, U.S. shale oil output, and demand prospects driven by global economic growth. Additionally, OPEC+ announced at its latest meeting that production will increase by 137,000 barrels per day in November, while factors such as rising U.S. shale oil production, weak demand due to global economic slowdown, and a stronger U.S. dollar have also weighed on oil prices.
Author of this news: Ding Shuhan
Date: October 10th, 2025
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Xuzhou E&P Petroleum Equipment Co.,Ltd
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