OPEC+ Data Deck (August 2024)
Group production rose on Saudi normalization and yet more Iraqi overproduction, while demand growth forecast downgrade (finally) provides first sign of OPEC+’s softening toward October cut easing plan
Below the paywall you will find the latest monthly edition of the Commodity Context OPEC+ Data Deck (34-page PDF), tracking group-wide and member-level production estimates, quotas, compliance, and exports.
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Quota-participating OPEC+ crude production rose 144 kbpd m/m in July as Saudi output recovered from prior under-target pumping and Iraq’s chronic overproduction problem worsened despite the start of promised compensation cuts.
OPEC finally began downgrading its global liquids demand growth forecasts for this year and next after holding a well above consensus outlook completely unchanged for more than a year—though while this seems obviously bearish, the true impact is likely more modestly bullish if it reflects OPEC+’s falling faith in market strength, which could push the producer group to adjust or postpone its planned production cut easing scheduled to begin in October.
[Further analysis and full OPEC+ Data Deck PDF report below paywall]