Vienna: The Organization of the Petroleum Exporting Countries (OPEC) on Monday maintained its relatively high forecast for global oil demand growth for this year and next. However, it noted that the oil market will experience a much smaller supply deficit in 2026 as the OPEC+ alliance continues to increase production.
In its monthly report issued Monday, OPEC raised its forecast for oil demand growth for this year to 1.3 million barrels per day (bpd), up from 1.29 million bpd, and to 1.38 million bpd for 2026.
The OPEC report stated that the OPEC+ alliance's average crude oil production in September reached 43.05 million bpd, an increase of 630,000 bpd from the previous August, following the alliance's latest production increase.
OPEC+ continues to pump more crude oil into the market after OPEC countries, Russia, and other allies decided to reduce some production cuts more quickly than previously planned.
These additional supplies have raised concerns about a surplus and have impacted oil prices this year.
The OPEC said in its report that the global economy is maintaining a strong growth trend.
In its September report, OPEC forecast a deficit of 700,000 barrels per day in 2026 if the OPEC+ alliance continues to pump at the same rate as in August.
