OPEC Chief Accuses Media of “Misrepresenting” 2026 Oil Outlook

OPEC does not task an lipid proviso surplus for 2026, the secretary-general of OPEC, Haitham al Ghais, told CNBC today, slamming the media for covering its Monthly Oil Market Report inaccurately.

“There was a misrepresentation by immoderate media astir our monthly marketplace report,” al Ghais said, “specifically regarding the messages and a communicative that was being created retired of speechmaking immoderate of our numbers. For example, things related to the marketplace being successful a surplus adjacent year.”

Indeed, arsenic Oilprice reported past week, OPEC said successful its study that it expected the lipid marketplace to beryllium successful equilibrium adjacent year. The forecast was a revision of an earlier projection astir a deficit, however, which prompted a selloff connected lipid markets and pushed planetary benchmarks lower.

The radical said that lipid accumulation from non-OPEC countries would turn faster than expected, adding 1.3 cardinal barrels regular to proviso successful 2026. Demand, OPEC said, would meantime turn astatine a complaint of 1.6 cardinal barrels daily, reaching a full of 106.2 cardinal barrels daily.

In his speech with CNBC, Haitham al Ghais remarked that the Monthly Oil Market Report that OPEC produces is “very basic” and that determination was “nothing analyzable astir it”, perchance implying it was hard to find the accusation contained successful the study hard to recognize oregon interpret, starring to inaccurate reporting.

Meanwhile, contempt OPEC’s anticipation of a balanced planetary crude lipid marketplace successful 2026, analysts expect the radical to support adding accumulation aft a abbreviated intermission astatine the commencement of the year, agreed astatine its latest meeting.

A survey that Bloomberg conducted among 25 traders and analysts earlier this period showed astir of them expected much monthly additions to OPEC’s total, with lone a fistful anticipating a longer intermission oregon adjacent a reversal of the accumulation policy.

By Irina Slav for Oilprice.com

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