On September 11, OPEC did not change its forecasts for global oil demand for 2025 and 2026, noting that the global economy continues to grow in the second half of the year. This is stated in the organization's monthly report, writes UNN.
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The cartel's optimism is supported by the decision of the broader OPEC+ group of producers last Sunday to increase oil production quotas from October. According to analysts, the main reason is Saudi Arabia's desire to restore its share in the global oil market.
According to forecasts, oil demand remains high, which confirms the current resilience of the global economy and supports producers' hopes for stable prices in the energy market.
Recall
Brent and WTI oil prices fell amid rising US crude oil and gasoline inventories, which increases the risk of oversupply. Weak demand and a slowdown in the US economy are putting pressure on oil markets, despite geopolitical risks.
Earlier it was reported that oil prices rose after OPEC+'s decision to increase production less significantly and rumors of new sanctions against Russia. Brent and WTI rose to $66.37 and $62.58 per barrel, respectively.