OPEC+ | No Changes In Production Policy

'No changes to production policy and maintaining the plan to start raising output in December.', the OPEC+ decided in its joint ministerial monitoring committee meeting (JMMC) held on Wednesday, with the ministers refraining from making any changes to production policy, maintaining the plan to start raising output in December.

"The JMMC emphasized the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024. The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and nonOPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.

Furthermore, the Committee will continuously assess market conditions."

Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.

IPO: Secure Logistics Group Ltd

Offered by Book Building Method at a Floor Price of PKR 12.00/- per share A Brief Note on on Initial Public Offering (IPO) of Secure Logistics Group Ltd, [formerly Asia Capital Partners (Private) Limited] (the "Company" or "SLG"). PRINCIPAL PURPOSE OF THE EQUITY CAPITAL RAISING: The purpose of offering is primarily to build equity base and retire some debt in high interest rate environment.

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