- Raises forecast for global oil demand growth in 2026 to 1.38 million bpd.
- Trims 2026 forecast for non-OPEC+ supply growth to 630,000 bpd (prior forecast 730,000 bpd).
- Expects decline of 100,000 bpd in US tight oil output next year.
- Crude output averaged 41.94 million bpd in July, up 335,000 bpd from June after OPEC+ output hike.
These are just forecast and rarely market moving as the market prices in conditions before the actual changes. For example, say the US data comes in hot and the Fed decides to cut anyway, in such a case the market would expect demand growth to rise and therefore take oil prices higher.
This article was written by Giuseppe Dellamotta at investinglive.com.