SEATTLE (Oil Monster): The Organization of Petroleum Exporting Countries (OPEC), in its latest report, announced that it expects no major changes to its high global oil demand growth forecasts for the current year and 2026. Also, it expects the oil supply deficit to remain much smaller next year, mainly on account of the output increases by the OPEC+ group countries.
ALSO READ:
Opec+ to raise oil output by 137,000 bpd from November, says report
Kuwait has the highest oil production in the last decade
OPEC+ member countries had recently decided to unwind some production cuts more rapidly than the previously announced schedule. This has added additional volumes of crude oil into the market. The extra supply resulted in concerns of a surplus market, which in turn impacted the oil prices. For instance, the OPEC+ has raised its crude oil output in September by 630,000 barrels per day to 43.05 million bpd.
The anticipated average demand of 43.1 million bpd indicates that the global market is likely to witness a deficit of 50,000 bpd, if the OPEC+ countries keep pumping at the previously declared levels, OPEC report said. In the previous monthly report, OPEC had estimated the deficit for 2026 at 700,000 bpd.
The monthly OPEC market outlook report suggests that the world economy is maintaining a solid growth trend.
