Core Viewpoint - BP's CEO, Murray Auchincloss, stated that oil supply growth from non-OPEC countries is expected to peak by early 2026, while demand remains strong [1] Supply Insights - Non-OPEC oil supply is projected to stabilize around February or March of next year, with steady growth expected over the following 12 to 18 months [1] - Recent supply growth from non-OPEC countries has been driven by nations like Guyana and the United States, with BP anticipating increased oil and gas production from these regions [1] - Brazil is highlighted as a significant contributor to non-OPEC oil production and is noted for being the site of BP's largest oil discovery in nearly 25 years [1] Demand Insights - Demand for oil is currently described as "still strong," with expectations for growth in both this year and next [1] - Petrochemical products are anticipated to lead consumption trends in the coming year, with robust market demand for these products [1] Market Dynamics - Auchincloss pointed out that sanctions related to Russia and Iran, along with China's oil storage purchases, are key factors driving oil price increases [1]