OPEC is holding its oil demand outlook steady while moving to boost production again in October, signaling a firm push for market share, The Wall Street Journal writes.
The cartel projects global demand will rise by 1.29 million barrels per day this year and 1.38 million next, with economic growth estimates unchanged at 3% and 3.1%. Resilient consumer spending, fiscal stimulus, and easing trade tensions are expected to underpin demand, OPEC says.
Brent crude hovered near $67 a barrel Thursday, with U.S. benchmark WTI around $63, pressured by softer domestic demand and supply surplus concerns.
Geopolitical risks, including Israel’s strike on Hamas leaders in Qatar and possible tighter sanctions on Russian exports, have helped limit losses. OPEC crude production rose by 478,000 barrels a day in August, with total OPEC+ output up 509,000 to 42.4 million. Key alliance members will reconvene Oct. 5 to decide on November levels.
