AERC continues to monitor the dynamics of Brent oil prices and develops short-term forecasts for this indicator. Additionally, in its reports, we track changes in demand and supply forecasts from the IEA and OPEC, which publish their reviews monthly. In the current review, AERC notes that OPEC has lowered its global oil demand forecast for 2024-2025. Meanwhile, the IEA has also reduced its forecast for global oil demand growth but has raised its supply forecast for 2024.
Regarding the OPEC+ deal, despite some reduction in oil production, countries still exceed the established quota. However, Kazakhstan fulfilled its quota obligations in August, producing exactly 1.45 million barrels per day.
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