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Ahead of the OPEC+ meeting on Nov. 30, there are indications oil supply is running ahead of demand, highlighting the challenge facing the cartel as it prepares to set output policy for 2024.

The diesel market is pricing in a crisis, one that soon could get even worse because of a lack of the type of crude that’s good for making the fuel.

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Sept. 5 to extend their voluntary oil production cuts through the end of this year.

Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

DUBAI, United Arab Emirates — Saudi Arabia said Oct. 13 that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month.

President Joe Biden called plans by OPEC+ to cut output targets by 2 million barrels a day “unnecessary,” and the White House said more releases from U.S. petroleum reserves are possible.

The OPEC oil cartel and its allies decided Aug. 3 to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia’s war in Ukraine.

The White House said it expects further oil supply increases from Saudi Arabia after President Joe Biden met with the kingdom’s rulers.

OPEC’s first oil market outlook for 2023 suggests no relief for squeezed consumers, with more crude needed from the group even though most members are already pumping flat out.