Key OPEC+ members led by Saudi Arabia agreed at the weekend to begin reviving another halted layer of production in October as they attempt to regain market share. The analysis on Thursday from OPEC’s secretariat would suggest they have scope to keep going.
OPEC continued to project a substantial supply deficit in global oil markets this year and next even as the group revives production, a view that clashes with the wider industry.
The Organization of the Petroleum Exporting Countries (OPEC+) and its partners will need to provide an average of 43.45 million barrels a day in the second half of this year, considerably more than the 42.4 million they pumped in August, a month in which they ramped up, according to a report. Demand for the full alliance’s crude will average 43.1 million barrels a day in 2026, OPEC’s projections show.
