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Informist, Thursday, Sept. 10, 2026

 

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--OPEC cuts 2026 oil demand growth view to 400,000 bpd vs 600,000 bpd earlier 
--OPEC sees 2027 oil demand growing to 2.4 mln bpd vs 2.2 mln bpd earlier 
--OPEC retains 2026 non-OPEC oil supply growth view at 600,000 bpd 
--OPEC retains 2027 non-OPEC oil supply growth view at 600,000 bpd 
--OPEC oil production in Aug at 24.08 mln bpd, up 346,000 bpd on month 
--OPEC, allies' Aug oil output at 38.06 mln bpd, up 297,000 bpd on month
--OPEC: Russia Aug oil output at 8.72 mln bpd, down 160,000 bpd on month
--OPEC: Saudi Arabia Aug oil output at 7.28 mln bpd, down 75,000 bpd on month 
--OPEC: UAE Aug oil output at 3.84 mln bpd, up 54,000 bpd on month 
--OPEC: OECD July crude oil stocks 47.9 mln bbl lower than latest 5-yr avg 
--OPEC: OECD July crude oil stocks up 9.8 mln bbl on month at 2.76 bln bbl 

 

NEW DELHI – The Organization of the Petroleum Exporting Countries has further cut its forecast for global crude oil demand growth for 2026 to 400,000 barrels per day from their earlier forecast of 600,000 barrels per day. For 2027, OPEC has forecast demand to grow by 2.4 million barrels per day, up from its previous forecast of a growth of 2.2 million barrels per day, the group said in its September Monthly Oil Market Report. According to OPEC's forecasts, the world will use about 105.84 million barrels per day of oil in 2026 and 108.19 million barrels per day in 2027.

 

For India, OPEC has maintained its demand forecast of 5.71 million barrels per day in 2026. For 2027, India is expected to use 6.11 million barrels per day of oil, maintaining OPEC's outlook from last month.

 

In August, OPEC members produced 24.08 million barrels per day of crude oil, up from 23.74 million barrels per day in July, mostly led by an increased output in Iraq. Crude oil production in August from countries participating in the Declaration of Cooperation--or OPEC and its allies--rose by 297,000 barrels per day from July to 38.06 million barrels per day, according to secondary sources in the report. Saudi Arabia, OPEC's de facto leader, produced 7.28 million barrels per day of oil in August, 75,000 barrels per day lower than in July. Oil output in Russia fell 160,000 barrels per day on month to 8.72 million barrels per day in August. The United Arab Emirates, which left the group mainly due to output constraints, produced 3.84 million barrels per day of oil last month, up 54,000 barrels per day on month.

 

OPEC has retained its outlook for growth in global oil supply from countries that have not participated in the Declaration of Cooperation for both 2026 and 2027. The organisation expects crude oil supply from these nations to grow by 600,000 barrels per day to an average of 54.8 million barrels per day in 2026. The main liquids production growth drivers are expected to be Brazil, the US, Canada, and Argentina, the monthly report said. It has also retained the non-OPEC oil supply growth view for 2027 at 600,000 barrels per day to an average of 55.5 million barrels per day. The main drivers for supply growth are expected to be Qatar, Brazil, Canada, and Argentina, OPEC said.

 

In July, commercial crude oil stocks in countries in the Organization for Economic Cooperation and Development increased by 9.8 million barrels on month to stand at 2.76 billion barrels, OPEC's September report said. However, OECD commercial stocks were 57 million barrels lower on year and 47.9 million barrels lower than the five-year average, the report said. At 1930 IST, the most-active October West Texas Intermediate crude futures on the New York Mercantile Exchange was up 3.4% at $99.30 per barrel. The November Brent crude oil futures on the Intercontinental Exchange were at $104.60 per barrel, up 3.4%.  End

 

US$1 = INR 95.44

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Upasika Singhal

Edited by Deepshikha Bhardwaj

 

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