| The world oil supply is expected to match demand next year in a reflection of the wider OPEC+ group’s production increases, according to OPEC report on Wednesday. The report noted that it marks a further shift from its earlier projections of a supply deficit in 2026. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and other allies, has raised its output targets by around 2.9 million barrels per day or around 2.7% of global supply since April. It plans to pause production hikes in the first quarter of 2026 amid widespread predictions of an oversupply. In the monthly report on Wednesday, OPEC said that the world economy’s growth trend remained firm. While demand is seen as steady, OPEC said in the report that OPEC+ in October cut output by 73,000 bpd to 43.02 million bpd, despite the group’s output hike agreement for the month, led by a drop in Kazakhstan. Expected demand for OPEC+ crude at 43.0 million bpd in 2026 implies that the world market will see a marginal surplus of 20,000 bpd if the wider group keeps pumping at October’s rate, local media reports said quoting Reuters calculation based on the report. It stated that last month’s report had projected a deficit of 50,000 bpd, and the September report pointed to a shortfall of 700,000 bpd. GIK/APA
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