OPEC intends to stop publishing its global oil demand outlook

Two informed sources revealed: “The Organization of the Petroleum Exporting Countries (OPEC) will stop publishing its calculations of the volume of global demand for its crude oil in its monthly oil report, and will instead focus on oil demand forecasts issued by the broader OPEC+ alliance.”

According to Reuters, the change reflects long-standing cooperation between OPEC members and the broader alliance in making collective decisions about oil supplies.

Analysts and traders are monitoring the incoming numbers as an indication of the strength of the oil market. However, the two sources said that OPEC will only issue, starting this month, an estimate of the volume of demand for crude produced in the countries of the joint cooperation pact “OPEC+”, which includes 12 OPEC member countries, in addition to 10 non-member countries, including Russia, the largest oil producer among them. Countries.

One of the sources stated that the demand for crude from OPEC+ has now become more appropriate, because the Joint Cooperation Charter is currently the framework for cooperation on the oil market. Both sources refused to mention their names. OPEC has not yet responded to a request for comment.

The Joint Cooperation Charter was formed in 2016 after a glut in oil supply between 2014 and 2016 pushed prices down, and stimulated OPEC and non-OPEC countries to work jointly to reduce production and support the market for the first time since 2001.