The Organization of the Petroleum Exporting Countries (OPEC) has announced its latest Organization of the Petroleum Exporting Countries. Monthly Oil Market Report (MOMR) covers the main issues affecting the global oil market and provides an outlook on the development of the oil market. OPEC reiterated its earlier forecast, saying: Global oil demand is expected to grow by 1.4 million tonnes per day in 2025, driven primarily by strong non-OECD (Organization for Economic Co-operation and Development) growth. OPEC estimates demand growth of 1.3 million barrels per day in non-OECD countries, compared to just 0.1 milliliter per day in the international alliance of 38 members. According to OPEC, this strong demand is expected to continue into 2026, with global oil demand increasing by 1.4 million yen per day compared to the previous year. Once again, non-OECD countries will do the heavy lifting, with demand growth expected to be 1.3 million/day compared to 0.1 million/day in OECD countries.
On the supply side, OPEC projects that non-DoC liquid supplies (i.e. liquid supplies from countries not participating in the Declaration of Cooperation) will increase by 11 billion/day year-on-year in 2025, mainly due to increased US production. . , Brazil, Canada, and Norway. Non-DoC liquids supply growth in 2026 is expected to be 1.1 million barrels per day, primarily driven by the United States, Brazil, and Canada. Meanwhile, DoC supplies of natural gas liquids (NGLs) and unconventional liquids will increase by about 90 terabytes/day from the previous year to an average of 8.4 million tons/day in 2025, and will average 0.1 megabytes/day in 2026. It is predicted to increase by /day. Average 8.5mb/day.
The Declaration of Cooperation (DoC) is a loosely coupled organization launched in 2016. It is a collaborative organization between OPEC member countries and 11 non-OPEC oil producing countries (currently 10 – Equatorial Guinea became an OPEC member in May 2017). Efforts to stabilize the world oil market. The DoC was initially valid for six months but was extended multiple times due to its success.
Written by Alex Kimani, Oilprice.com
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