by Alex Lawler

LONDON (Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) on Monday maintained its forecast for relatively strong growth in global oil demand for this year and next, and suggested the oil market will see a much smaller supply deficit in 2026 as OPEC+ continues its production increases.

OPEC+, which refers to OPEC and its allies, has increased the supply of crude oil to the market, raising fears of a possible surplus that have weighed on prices this year.

However, the global economy is sustaining a solid growth trend, OPEC said in its monthly report released Monday.

While demand is considered stable, OPEC recalled that OPEC+ increased its crude production by 630,000 barrels per day (bpd) in September to 43.05 million barrels per day, reflecting its previous decisions to increase production quotas.

Expected demand for OPEC+ crude at an average of 43.1 million bpd implies the global market will see a deficit of 50,000 bpd if the group continues pumping at September’s pace, according to a Reuters calculation based on the report.

Last month’s report predicted a deficit of 700,000 bpd in 2026 if OPEC+ continued to pump at the August rate.

( Coralie Lamarque, edited by Kate Entringer)

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