The global crude oil market has shifted from a supply deficit to a surplus, the Organization of the Petroleum Exporting Countries (OPEC) said in its latest monthly oil market report on Wednesday.
According to the report, crude oil production from OPEC member countries and major non-OPEC oil-producing countries reached 43.02 million barrels per day in October, a decrease of 73,000 barrels from September.
Due to factors such as higher-than-expected growth in U.S. crude oil production, the global crude oil market has shifted from a daily shortage of 400,000 barrels to a daily surplus of 500,000 barrels, it said.
The International Energy Agency (IEA) projected that the global crude oil inventories will continue to rise in the coming period, with a potential record surplus of up to 4 million barrels per day in 2026. This will exert significant downward pressure on oil prices in the medium to long term, the IEA said.
Global oil market shifts to structural surplus: OPEC
The Chinese Embassy in Germany and the Chinese Consulate General in Munich held receptions to celebrate the upcoming Chinese New Year, featuring artistic performances and the display of the promotional video of China Media Group (CMG)'s Spring Festival Gala.
The Spring Festival, which falls on Feb 17 this year, is one of the most important holidays in China, celebrated with family reunions and wishes for good luck in the coming year, the Year of the Horse.
Watching the Spring Festival Gala on television is a cherished part of the celebrations in hundreds of millions of Chinese homes. The gala will be broadcast live around the world on the Chinese New Year's Eve on Feb 16.
At the two receptions, which were held, respectively, by the embassy on Wednesday and by the consulate general on Friday, Chinese ambassador to Germany Deng Hongbo and Chinese consul general in Munich Qiu Xuejun delivered speeches. They reflected on China's significant achievements over the past year and highlighted the progress of China-Germany exchanges and cooperation.
The two diplomats extended warm New Year greetings and best wishes to overseas Chinese, students, employees of Chinese-funded enterprises, and friends from all walks of life in Germany, while acknowledging their contributions in fostering China-Germany friendship and deepening stronger people-to-people ties.
The promotional video of the CMG 2026 Spring Festival Gala was screened at the receptions to add a festive atmosphere and boost cultural exchanges between the two countries. With the dynamic pacing and rich imagery, the promotional video blended traditional cultural elements with modern aesthetics, showcasing the innovative vitality of traditional culture in contemporary expression.
Performances by a troupe from central China's Hubei Province featured a variety of artistic forms, including dance, traditional opera, folk music, vocal performances, martial arts and magic shows. These programs integrated regional cultural elements, folk customs, and New Year's atmosphere, presenting the diverse charm and contemporary vitality of Chinese traditional culture.
The Deutsche Oper's male choir also performed a classic song at the embassy reception, sharing the stage with the Chinese programs. The interplay of Chinese and German artistic elements created a festive and lively atmosphere during the event.
Chinese embassy, consulate in Germany hold Spring Festival receptions
