OPEC Monthly Oil Market Report (July)

OPEC unveiled its oil market forecasts for 2023 in its monthly report today. OPEC is more bullish than us on demand, forecasting an increase of 2.7m barrels per day. But even though it is also quite optimistic on non-OPEC supply, the group’s forecasts point to the need for a nearly 1m bpd rise in OPEC output next year. This suggests to us that OPEC+ might adopt a more liberal oil production policy from September.

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