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.