OPEC Monthly Report: Cuts 2026 Global Oil Demand Forecast, Saudi Arabia Restarts Production Above 1 Million Barrels/Day in July

Saudi Arabia's July crude output surged by 1.1 million barrels per day month-on-month to 8.2 million barrels per day, but due to export route disruptions caused by geopolitical conflicts, the new output was not fully converted into international supply, with approximately 780,000 barrels per day of the increase shifting into domestic inventories, pushing stockpiles to multi-year highs. On the demand side, OPEC lowered its 2026 growth forecast but raised its 2027 projection, indicating a delayed demand recovery. Short-term oil price trends remain highly dependent on Middle East developments and shipping security.