OPEC maintained its global economic growth forecast at 3.1% for 2026 and kept its 2027 forecast at 3.2%.
In its monthly report issued today, Monday, July 13, the organization lowered its forecast for global oil demand growth to 0.8 million barrels per day in 2026.
Meanwhile, the report raised its forecast for global oil demand growth to 1.9 million barrels per day in 2027.
Regarding supply growth from outside the Declaration of Cooperation countries, OPEC maintained its forecast at 0.6 million barrels per day in 2026, and also kept its forecast for supply growth from outside the Declaration of Cooperation countries at 0.6 million barrels per day in 2027.
OPEC lowered its forecast for demand for oil from the Entity Alliance countries to 42.3 million barrels per day (b/d) in 2026, while raising its estimate for demand for oil from non-Entity Alliance countries to 43.6 million b/d in 2027.
Meanwhile, oil inventories in OPEC countries fell by about 21.8 million barrels per day in May.
OPEC oil production rose by about 3 million barrels per day to 22 million barrels per day in June, and production from the Declaration of Cooperation countries also rose by 3 million barrels per day to 36.2 million barrels per day in June.
The UAE's oil production rose by 1.6 million barrels per day to 3.8 million barrels per day last month, and increased output from Kuwait, Iraq and Iran supported OPEC's supply surge in June.
Kuwait's production rose by about 880,000 barrels per day (bpd) to 1.45 million bpd in June, while Saudi Arabia's oil production fell by about 99,000 bpd to 6.84 million bpd in June.
