OPEC still expects tight global oil market supply. Viewpoint is at odds with industry expectations.

OPEC continues to forecast that despite the organization resuming production, the global oil market will face a severe supply shortage in the next two years, a view that conflicts with the industry as a whole. The OPEC monthly report shows that the organization and its partners will need to supply an average of 43.45 million barrels of crude oil per day in the second half of this year, far higher than the 42.4 million barrels in August. The forecast indicates that by 2026, the daily average demand for crude oil from this alliance will reach 43.1 million barrels. Over the weekend, OPEC+ members, led by Saudi Arabia, agreed to resume production in October to compete for market share. OPEC's analysis suggests that they still have room to increase production further.