OPEC cut its forecast for global oil demand growth in 2024 and lowered its projection for next year on Tuesday, highlighting China, India and other regions, marking the producer group's fourth consecutive downward revision.

Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month.

The OPEC bloc of oil-producing nations announced Monday that it will extend oil production cuts through the end of 2024, spurring a 2 percent increase in the price of U.S. benchmark West Texas Intermediate crude oil.

Kazakhstan lowered oil production sharply in October, with maintenance work closing one of its main fields, but still failed to meet its OPEC+ output cuts target.

Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices. Brent crude futures were down 6 cents,

Oil prices on the New York fuel exchange are slightly rising, but they remain close to this month's lowest levels. Brokers say investors are focused on the fuel demand outlook after OPEC countries lowered their oil demand growth forecasts for this and next year.