OPEC MOMR to be released at 13:00BST/08:00EDT

The monthly report is a scheduled fixture rather than an event with surprise potential in itself; the interest lies in the revisions to demand growth and non-OPEC supply assumptions, which have historically been the swing variables between OPEC's projections and those of the other major forecasting agencies. OPEC's demand estimates have persistently sat well above rival forecasts in recent years, so the gap between this report and the IEA's monthly, due around the same part of the calendar, tends to matter more than the absolute numbers. The supply side breakdown by member, particularly secondary-source production versus quota, feeds directly into the compliance narrative that underpins any voluntary cut arrangements, and the call-on-OPEC arithmetic is the figure that links the report to the balance. The tell on the day is whether the demand growth trajectory is revised at all: a hold has typically been treated as a non-event, while a cut has tended to weigh on the front of the crude curve via the spread structure rather than the flat price alone. As a preview headline, the note simply marks the calendar slot; substance arrives with the tables themselves.