OPEC expects third-quarter demand to be "very strong" and plans to continue increasing production to stabilize the oil market.

The Secretary-General of OPEC stated that the organization and its allies are increasing oil production, and anticipate "very strong" demand in the third quarter, with a tightening supply-demand balance in the coming months. As of the time of writing, WTI crude oil futures rose 1.07% to $69.18 per barrel, while Brent crude rose 1.04% to $71.09. Eight OPEC+ member countries, including Russia and Saudi Arabia, have agreed to increase daily oil production by 548,000 barrels in August as part of a gradual phase-out of voluntary production cuts. Five sources revealed that OPEC+ oil-producing countries are preparing to approve another significant production increase in September. OPEC Secretary-General Mohammad Barkindo stated on Monday that due to strong global economic performance, the organization expects oil demand to increase by 1.3 million barrels per day by 2025 compared to the previous year. Barkindo told reporters last week during an OPEC seminar in Vienna, "This means we will see very strong demand growth in the third quarter." OPEC reiterated its long-term forecast for global oil demand in its annual "World Oil Outlook" report, believing that oil demand will continue to grow until 2050 without reaching its peak. The organization has revised its forecast data, expecting global oil demand to increase from 103.7 million barrels per day in 2020 to 113.3 million barrels per day by 2030, and nearly reach 123 million barrels per day by 2050, supported by population growth and a strong economy.