Bears beat bulls in oil market

After Trump's election victory, the then rising oil price turned downwards. On November 7, Brent oil was good for $75,63 again. The days after that, the downward trend continued. At the time of writing (Wednesday afternoon, November 13), Brent oil is at $71,37.

In its monthly report yesterday, OPEC revised down the growth of global demand for 2025 for the fourth time in a row, by about the same amount of barrels as last month, 103.000 per day. This means that the annual growth expectation is 1,5 million barrels per day. The oil cartel is also (slightly) revising down the growth of global oil demand for 2024, by 107.000 barrels per day. According to the organization, this is mainly due to corrected figures for the first three quarters and therefore not to a lower expectation for the last months of this year.

The Organization of Petroleum Countries is keeping China's economic growth forecast for 2024 unchanged at 4,9%. Due to the recently announced support measures, the forecast for 2025 is being revised upwards to 4,7%. Whether that is realistic is the question. This optimism about the Chinese stimulus measures is not widely shared among economists and with the election of Trump, the country is also facing a tariff of possibly 60% on goods imported from China into the US.

Iran Prepared for Oil Sanctions
The US elections have undoubtedly been followed with great interest in Tehran as well. The country is prepared for oil sanctions now that Trump is back in power and is taking measures to absorb the sanctions, Iranian Oil Minister Mohsen Paknejad told Shana, the news site of the Iranian oil ministry, yesterday (13 November). Given its past experience with sanctions and 'tried and tested solutions', Iran is 'not seriously concerned'.

Diesel price
The price of diesel has shot up from €122,53 to €126,18 per 100 litres.