Global oil market shifts to structural surplus: OPEC

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

Trade between China and India reached 862.65 billion yuan (about 121.5 billion U.S. dollars) in the first eight months of this year, up 17.8 percent year on year, according to the latest customs data.

China's exports to India rose 15.4 percent to 743.78 billion yuan (about 104.8 billion U.S. dollars), while imports from India surged 35.7 percent to 118.86 billion yuan (about 16.7 billion U.S. dollars), the data showed.

Mechanical and electrical products remained the mainstay of China's exports to India, while India's imports of traditional bulk commodities such as metal ores posted strong growth.

The customs data on China-India trade growth comes as New Delhi gears up to host the 18th BRICS Summit over the weekend.

Launched in 2009, BRICS has grown to 11 full member states and 10 partner countries representing major emerging markets and developing economies across the globe.

China-India trade up 17.8 percent in first 8 months: customs data