OPEC MOMR (Aug): In July, crude oil production by countries participating in the DoC increased by 1.42mln BPD M/M to average about 37.66 mb/d (vs average of 36.28mln BPD in June), according to available secondary sources

World Oil Demand: * Global oil demand is forecast to grow by 0.6mln BPD Y/Y (prev. 0.8mln BPD Y/Y) in 2026; global oil demand in 2027 is forecast to grow by about 2.2mln BPD (prev. 1.9mln Y/Y BPD)

World Oil Supply: * In July, crude oil production by countries participating in the DoC increased by 1.42mln BPD M/M to average about 37.66 mb/d (vs average of 36.28mln BPD in June), according to available secondary sources. * Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is forecast to expand by about 0.6mln BPD Y/Y in 2026, unchanged from the prior month’s assessment. * The main drivers of growth in liquids production are expected to be Brazil, the US, Canada, and Argentina.

Balance of Supply and Demand: * The demand for DoC crude (i.e., crude from countries participating in the DoC) in 2026 is revised down from last month’s assessment to 42.1mln BPD, 0.2mln BPD lower than the 2025 level. * The demand for DoC crude in 2027 remains unchanged from the previous month’s assessment to stand at 43.6mln BPD, which is about 1.4mln BPD above the 2026 forecast.

The monthly OPEC secretariat report is a balance exercise rather than a policy signal, and the two elements trade differently. The demand downgrade for the nearer year is the headline edit, but the pattern in past report cycles is that the market weights the actual production prints over the forecast revisions, since the forecasts get revised almost every month while the secondary-source output figures describe what has already happened. A month-on-month production rise of the size reported here is consistent with the group unwinding voluntary restraint, and episodes of compliance erosion of this kind have historically put the burden on the call-on-OPEC line, which is where the revision lower matters: a smaller call against rising actual output implies a looser balance and, on prior form, pressure on the front of the crude curve and on timespreads rather than outright length. The non-DoC growth drivers named, the Americas slate, are the standing offset that has capped the group's market share across recent cycles. The follow-ons that have mattered in past sequences are the parallel IEA assessment later in the monthly cycle, where the two agencies' balances have often diverged materially, and any comment from key producers on whether the output path stays managed.