AERC continues to monitor the situation in the oil market. In its August report, OPEC slightly lowered its demand forecast for 2024. The IEA also reduced its oil demand forecast for the current year, but raised its supply forecast.
Meanwhile, S&P Global Insight points to non-compliance with the OPEC+ deal by the member countries. Additionally, S&P Global Insight indicates that in July, Kazakhstan produced even more oil than in June, significantly exceeding the quota. However, S&P Global Insight’s data on Kazakhstan’s oil production volumes in July differ greatly from the figures in the OPEC report.
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