OPEC Keeps Oil Demand Forecasts Unchanged

OPEC made no changes on Thursday to its relatively high global oil demand growth forecasts for this year and next, and said the world economy was maintaining a solid growth trend in the second half of this year.

The upbeat OPEC outlook, in a monthly report, follows the decision of the wider OPEC+ producer group on Sunday to further raise its oil output quotas from October as its leader Saudi Arabia pushes to regain market share.

"Global economic growth in the first half of 2025 remained robust, and the sound growth trend has extended into the second half of 2025," OPEC said in the report. OPEC's report also showed that in August OPEC+ raised crude output by 509,000 barrels per day, reflecting its earlier decisions to increase its output quotas.