Why OPEC Should Be Worried About Oil Demand Forecasts

OPEC+ has found itself in the unfortunate position of once again battling against non-OPEC producers to keep the market balanced. In its latest forecast, the EIA sees the non-OPEC+ members of the United States, Brazil, Canada, and Guyana as accounting for more than 80% of the global supply growth this year – with the United States accounting for much of it.  The EIA now sees production falling from OPEC+ members by 1 million bpd. Meanwhile, non-OPEC+ members will be churning out an additional 1.4 million bpd. Next year, OPEC+ production…