OPEC kept its global oil demand growth forecasts unchanged for 2025 and 2026 in its monthly report released Monday, while indicating a much smaller supply deficit next year as the OPEC+ group continues to increase production.

The Organization of the Petroleum Exporting Countries said the world economy was maintaining a solid growth trend, supporting its demand outlook.

OPEC+ members, which include OPEC, Russia, and other allies, increased crude output by 630,000 barrels per day to 43.05 million bpd in September, reflecting earlier decisions to raise output quotas.

The group’s decision to unwind some production cuts more rapidly than previously scheduled has added more crude to the market, raising concerns about a potential surplus and contributing to downward pressure on oil prices this year.

Based on the report, expected demand for OPEC+ crude averages 43.1 million bpd, suggesting the world market will see a deficit of only 50,000 bpd if the wider group maintains September’s production level. 

Source: Investing.Com

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