OPEC Chief Accuses Media of “Misrepresenting” 2026 Oil Outlook

Core Viewpoint - OPEC does not anticipate an oil supply surplus for 2026, emphasizing that recent media interpretations of their Monthly Oil Market Report were inaccurate [1][4]. Group 1: OPEC's Projections - OPEC expects oil production from non-OPEC countries to increase by 1.3 million barrels per day by 2026, while global oil demand is projected to grow by 1.6 million barrels per day, reaching a total of 106.2 million barrels daily [2]. - The Monthly Oil Market Report from OPEC is described as "very basic," suggesting that the information is straightforward and should not be misinterpreted [3]. Group 2: Market Reactions - Following OPEC's revised forecast, which shifted from a projected deficit to a balanced market, there was a selloff in oil markets, leading to a decline in international benchmark prices [1]. - Analysts expect OPEC to continue increasing production after a brief pause at the beginning of the year, with a majority of traders anticipating further monthly additions to OPEC's output [4].