OPEC projects 'very strong' third-quarter oil demand, followed by tight balance, RIA reports
The eight members of the OPEC+ producer group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, are unwinding years of cuts that had been aimed at supporting the market.
Five sources told Reuters that OPEC+ oil producers are set to approve another big output boost for September.
Russia's RIA news agency quoted Haitham Al Ghais on Monday as telling journalists on the sidelines of last week's OPEC seminar in Vienna that the organisation expected demand growth of 1.3 million barrels per day year on year in 2025 due to a strong global economy.
"And that means we are seeing, especially in the third quarter, very strong demand growth," he said, according to the report.
"In the fourth quarter also we're seeing good demand growth, and the balances will be tight. And this is one of the main fundamental factors that is leading for the group of eight countries to bring barrels back to the market," he added.
Al Ghais' comments come as OPEC trimmed its global oil demand forecasts for the next four years last week on slowing Chinese growth, even as it lifted its longer-term view based on rising consumption in the developing world.
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