OPEC countries participating in the OPEC+ deal increased oil production by 277,000 bpd in August, but fell behind the plan by 1.4 mln bpd

OPEC countries participating in the OPEC+ deal increased oil production by 277,000 bpd in August, but fell behind the plan by 1.4 mln bpd
Photo by Pavel Neznanov / Unsplash

OPEC also left its 2022 and 2023 demand forecast unchanged. Leading economies are doing better than forecast, which means demand will be robust. The latest macro data shows that OPEC is right.