Meanwhile, the IEA slashed its oil demand growth forecast to levels not seen since 2009, and the EIA projected substantial inventory builds in 2025.
The divergence highlights growing uncertainty in oil prices projections and raises questions for traders assessing the road ahead.
OPEC Signals Confidence with Aggressive Supply Boost
On July 5, eight OPEC+ members announced a combined 548,000 barrels per day (bpd) increase in output for August—well above market expectations.
The move marked a clear step in unwinding voluntary cuts, underpinned by OPEC’s belief in “low inventories” and a “steady global economic outlook.”
The group reaffirmed its 1.3 million bpd demand growth forecast through 2026 and emphasized long-term market strength during the OPEC Seminar in Vienna.
Crucially, OPEC’s approach remains flexible, with provisions to reverse supply additions if conditions weaken.
