Oct 30 Bulgaria 2 Report from London Nejra Cehic

The video discusses the recent decline in oil prices, which have dropped nearly 30% since June. Key factors include increased US production, reduced demand from Europe and China, and stable Middle East supplies. A significant tipping point occurred on October 1st when Saudi Arabia reduced prices for major customers, sparking fears of a price war. OPEC's Secretary General reassures that the market will stabilize, denying any price war intentions and emphasizing the need for prices to rebound to ensure long-term supply.

What were the reasons behind the weakening demand for oil from Europe and China?

What does the OPEC Secretary General believe is necessary for long-term supply stability?