The Organization of the Petroleum Exporting Countries (OPEC) latest monthly report was issued on Wednesday.
Summary points via a Platts report, bolding is mine:
- Barring a substantial increase in OPEC crude production in the coming months, the oil market will tighten considerably ... citing the lingering impacts of Hurricane Ida on US oil production, along with field maintenance and outages in Kazakhstan and Canada.
- OPEC lowered its estimate of oil supplies from outside the bloc in 2021 by 210,000 b/d from its previous forecast to 63.64 million b/d.
- Global oil demand was lowered ... World oil demand is expected to increase by 5.8 million b/d to 96.60 million b/d in 2021, revised down from 5.96 million b/d growth seen last month
- As a result, the call on OPEC's own crude production for 2021 was revised up to 27.80 million b/d, including 29.36 million b/d in the fourth quarter. That is significantly above OPEC's output of 27.33 mil b/d in September, according to secondary sources used by the organization to track output.
- So far, however, OPEC has not indicated it plans to pump up to the fourth quarter call on its crude.
- The group will next meet on November 4 to decide on December output levels.