The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year
Since April, OPEC and its partners have pivoted from years of output restraint to reopening the taps, surprising crude traders and raising questions about the group's long-term strategy
S&P expects global oil supply to exceed demand by 1.2 million b/d in H2 2025 and Brent to average $50-$60 per barrel as OPEC+ unwinds cuts and demand growth remains weak
Oil prices have rallied as a week-old air war between Israel and Iran escalated and uncertainty about potential US involvement kept investors on edge
OPEC also said supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month's forecast
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The more market-sensitive discussion on whether to continue their 411,000 barrel-a-day hikes, which have sent prices crashing over the past two months, will be finalised in a video conference
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Brent crude oil futures were already dipping to nearly $61 a barrel before this announcement, and prices might go below $60 once traders have had a chance to digest this news
Brent crude futures dropped by 87 cents, or 1.42%, to $60.42 a barrel by 0946 GMT, while U.S. West Texas Intermediate crude was at $57.37 a barrel, down 92 cents, or 1.58%
OPEC+ shocked the oil market in April by agreeing a faster-than-expected unwinding of cuts despite weak prices and demand
Oil prices fell to a four-year low in April below $60 per barrel after Opec+announced a bigger-than-expected production boost for May
Global oil demand expected to rise by 730,000 b/d in 2025, down from 940,000 b/d last year
Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries
Opec+ is a group that includes Opec and allied producers led by Russia, and pumps over 40 per cent of the world's oil. The group is scheduled to raise output by 135,000 barrels per day in May
The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC's web site. The scheduled cuts last until June 2026
The OPEC+ alliance first unveiled its plans for gradually reviving production in June last year, but with oil demand growth slowing in China and new supplies across the Americas swelling
The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026
Investors are also looking ahead to a ministerial meeting by the Organization of the Petroleum Exporting Countries and its allies, together called Opec+, scheduled for Feb 3
Opec and its allies including Russia have yet to react to Trump's call, with Opec+ delegates pointing to a plan already in place to start raising oil output from April