OPEC Sees Rising Oil Demand Amid Trimming Economic Growth Forecasts
OPEC's latest report indicates that global oil demand is expected to rise through 2027, despite a trimmed forecast for global economic growth this year. The organization projects an increase of 600,000 barrels per day in 2026 and another 2.2 million barrels per day in 2027.
The report also shows that OPEC's crude oil basket price fell by $6.76 per barrel in July to settle at $82.99, while Brent crude averaged $83.97 per barrel over the same period. West Texas Intermediate (WTI) crude averaged $79.22 per barrel.
OPEC noted that countries participating in its coordinated output agreement increased production by 1.42 million barrels per day in July, bringing the average to 37.66 million barrels per day. Commercial oil stockpiles in OECD countries fell by 26.4 million barrels in June, reaching 2.729 billion barrels.