全球石油基本面_2025 年 OPEC 展望偏空

ab 12 November 2025 Global Research First Read Global Oil Fundamentals Bearish OPEC update for 2025 Bearish for 2025, neutral for 2026 Non-OPEC+ supply outlook up on 3Q actuals OPEC raised its non-OPEC+ supply growth forecast by 0.1Mb/d in 2025 at 0.9M/d (vs. UBSe 1.4Mb/d), reflecting actuals (up 0.9Mb/d in 3Q25; US 0.5Mb/d; Latam 0.3Mb/d). Its 2026 non-OPEC+ supply growth remained unchanged at 0.6Mb/d (UBSe 0.4Mb/d), with US supply expanding 0.1Mb/d and LatAm 0.4Mb/d Output from OPEC+8 carrying voluntary u ...