OPEC Monthly Report: Upward revision of next year's oil demand outlook, and downward revision of non-OPEC+ oil producing countries' supply growth estimates.

OPEC raised its forecast for global oil demand next year on Tuesday while cutting its supply growth forecast for countries outside the U.S. and OPEC+ group, indicating tightening market prospects. According to the OPEC monthly report, global oil demand is expected to rise by 1.38 million barrels per day in 2026, an increase of 100,000 barrels per day from previous estimates. The forecast for this year remains unchanged. OPEC stated that oil supply from countries outside the "Cooperation Declaration" is expected to increase by approximately 630,000 barrels per day in 2026, down from the previous month's forecast of 730,000 barrels per day. With the outlook for global oil demand growth and weakening supply growth from non-OPEC+ oil-producing countries, OPEC+ will find it easier to implement its plans. After supporting the market through years of production cuts, they now aim to regain market share by increasing production. The report also showed that OPEC+ further increased production in July, raising crude oil output by 335,000 barrels per day due to this year's decision to increase output quotas.