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Informist, Thursday, Jun. 11, 2026

 

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--OPEC cuts oil demand growth view 2026 by 0.2 mln bpd to 1 mln bpd
--CONTEXT: OPEC releases June Oil Market Report
--OPEC ups oil demand growth view 2027 by 1.7 mln bpd vs 1.5 mln bpd
--OPEC ups oil demand growth view 2027 by 1.7 mln bpd to 107.86 mln bpd
--OPEC retains non-OPEC oil supply growth view 2026 by 0.6 mln bpd
--OPEC retains non-OPEC oil supply growth view 2027 by 0.6 mln bpd
--OPEC: Russia May oil output at 9.01 mln bpd, dn 9,000 bpd on month
--OPEC: UAE May oil output at 2.11 mln bpd, up 87,000 bpd on month
--OPEC: Iraq May oil output at 1.48 mln bpd, up 75,000 bpd on month
--OPEC: Saudi Arabia May oil output at 6.91 mln bpd, up 157,000 bpd on mo
--OPEC: Kuwait May oil output at 573,000 bpd, up 16,000 bpd on month
--OPEC May oil output at 18.83 mln bpd, down 177,000 bpd on month
--OPEC: Iran May oil output at 2.33 mln bpd, down 546,000 bpd on month
--OPEC, allies May oil output at 33.13 mln bpd, down 185,000 bpd on month
--OPEC: OECD Apr crude oil stocks dn 48.4 mln bbl on month at 2.75 bln bbl
--OPEC: OECD Apr crude oil stocks 22.1 mln bbl lower than latest 5-yr avg

 

NEW DELHI – The Organization of the Petroleum Exporting Countries has forecast global crude oil demand to grow by 1.0 million barrels per day in 2026, down from 1.2 million barrels per day projected in May. For 2027, OPEC has forecast demand to grow by 1.7 million barrels per day, up from the previous forecast of 1.5 million barrels per day, the group said in its June Oil Market Report.

 

Demand for oil from countries that are part of the Organisation for Economic Cooperation and Development is expected to grow by 100,000 barrels per day this year while demand from non-OECD countries is forecast to grow by around 900,000 barrels per day. In 2027, oil demand from OECD countries is expected to grow by 200,000 barrels per day, and non-OECD demand is forecast to grow by about 1.5 million barrels per day, according to OPEC.

 

Oil demand from non-OECD countries is expected to be driven primarily by China, India, and other Asian countries, and supported by Africa and Latin America.

 

India's oil demand in 2026 is seen at 5.80 million barrels per day, slightly lower than the 5.85 million per day projected previously. In 2027, India's oil demand is projected by OPEC at 6.09 million barrels per day.

 

OPEC has forecast non-OPEC oil supply to expand by 600,000 barrels per day to an average of 54.8 million barrels per day in 2026, unchanged from the projection in May. It has also retained the non-OPEC oil supply growth view by 600,000 barrels per day to an average of 55.4 million barrels per day in 2027. The main drivers for supply growth are expected to be Qatar, Brazil, Canada, and Argentina.

 

In May, crude oil production by countries participating in the Declaration of Cooperation, or OPEC and its allies, was 33.13 million barrels per day, down 185,000 barrels per day from April. Crude oil output by OPEC fell 177,000 barrels per day on month to 18.83 million barrels per day in May, it said. 

 

Russia's crude oil output in May was 9.01 million barrels per day, down 9,000 barrels per day from April. Crude oil output in the United Arab Emirates rose 87,000 barrels per day to 2.11 million barrels per day in May. Iraq's May oil output was at 1.48 million barrels per day, up 75,000 barrels per day on month.

 

Saudi Arabia, OPEC's de facto leader, produced 6.91 million barrels per day of oil in May, up 157,000 barrels per day on month, the report said. In May, Kuwait produced 573,000 barrels per day of oil, up 16,000 barrels per day on month.

 

In April, commercial crude oil stocks with OECD countries fell 48.4 million barrels on month to 2.75 billion barrels, according to the report. Stocks were 22.1 million barrels lower than the latest five-year average. At 1924 IST, the price of West Texas Intermediate Crude futures was up 0.2% from Wednesday at $90.22 per barrel. The price of Brent Crude futures on the Intercontinental Exchange was $92.57 per barrel, down 0.6%.  End

 

Reported by Afra Abubacker

Edited by Saji George Titus and Rajeev Pai

 

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