Overview

• OPEC raised its 2026 global oil demand growth forecast by 100,000 barrels per day to 1.38 million bpd, leaving this year’s outlook steady at 1.29 million bpd.
• The cartel lowered its projection for non-OPEC+ supply growth in 2026 by about 100,000 bpd to roughly 630,000 bpd.
• Brazil is now expected to lead annual production growth among non-OPEC+ producers in 2026, overtaking the United States.
• OPEC+ producers increased crude output by about 335,000 bpd in July, driven largely by a 170,000-bpd rise from Saudi Arabia.
• Members of the alliance have agreed to add another 547,000 bpd in September, completing the rollback of previous production cuts.