Lates News

OPEC continues to predict that despite the organization's recovery of production, there will be a severe supply shortage in the global oil market in the next two years, which is in conflict with the overall industry view. 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, significantly higher than the 42.40 million barrels in August. The forecast indicates that by 2026, the daily demand for crude oil from this alliance will reach 43.10 million barrels. Last weekend, OPEC+ member countries led by Saudi Arabia agreed to increase production again starting in October to compete for market share. OPEC's analysis shows that they still have room to further increase production.