OPEC Sees Lower Supply Growth From Rivals, Keeps Demand Outlook Steady
The Organization of the Petroleum Exporting Countries trimmed next year's forecast for supply growth from the U.S. and other rivals while keeping its oil demand expectations unchanged as it continues to ramp up production.
The Vienna-based cartel expects supply from producers outside of the wider OPEC+ alliance to rise by 730,000 barrels a day in 2026, down from 800,000 barrels a day previously. U.S. oil output is projected to grow by 210,000 barrels a day, compared with previous expectations of a 280,000 barrels-a-day increase, reflecting lower capital spending and a slowdown in drilling activity.
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