OPEC Data Point to Balanced Global Oil Market Next Year

OPEC kept forecasts for global oil supplies and demand in 2026 steady, pointing to a balanced world market that clashes with widespread predictions of a surplus.

The Organization of the Petroleum Exporting Countries and its allies will need to produce an average of 43 million barrels a day next year to balance supply and demand, roughly in line with the amount pumped last month, according to a report on OPEC’s website.