On September 16, it was reported that OPEC+ representatives will hold a meeting in Vienna this week to conduct preliminary discussions on updating the procedure for estimating member countries' production capacity. Sources said the meeting is scheduled for September 18-19. The representatives hope to reach an agreement on the mechanism for assessing the maximum sustainable crude oil production capacity of each member country. The OPEC+ Secretariat aims to submit a feasible plan to the OPEC+ ministers by the end of the year. This alliance of 22 oil-producing countries plans to use production capacity estimates to determine new production baselines and calculate production targets for 2027. OPEC+ originally planned to implement the new production baseline in 2025, but due to internal disagreements, the implementation was postponed first to 2026 and then further delayed to 2027.

  September 11th news, the International Energy Agency (IEA) raised its forecast for global oil supply growth this year on Thursday, after OPEC+ decided to increase production. The IEA also raised its forecast for demand growth, citing the resilience of oil deliveries in developed economies. The IEA revised its global oil supply growth forecast for 2025 from 2.5 million barrels per day previously to 2.7 million barrels per day, and increased its oil demand growth forecast from 680,000 barrels per day to 740,000 barrels per day. In its monthly oil market report, the IEA stated: "The oil market is being pulled by multiple forces, on one hand, there is the potential loss of supply due to new sanctions on Russia and Iran, and on the other hand, there is the increase in OPEC+ production and the growing surplus of global oil inventory."

Senior executives in the global petrochemical industry have warned that U.S. tariff policies are placing even greater pressure on an already struggling sector. Executives from TotalEnergies pointed out at the Asia-Pacific Oil and Chemical Conference that the trade disruptions caused by the Trump tariffs could lead to a 15% decline in global petrochemical trade volumes. Ganesh Gopalakrishnan, Head of Petrochemical Trading at TotalEnergies, said during the conference, “If the tariffs remain in place, transaction prices for petrochemical products will drop by another 15%. Over the past five years, due to overcapacity, total trade volumes have already fallen by 34%.”

On April 22, local time, the International Monetary Fund released the latest World Economic Outlook report, lowering its global economic growth forecast for 2025 from 3.3% at the beginning of the year to 2.8%. The projection for 2026 is expected to be 3%. The impact of U.S. tariff measures and policy uncertainties will lead to a significant slowdown in the global economy in the short term.

OPEC(OPEC) has consecutively************************************ (OPEC) has consecutively************************************ It has continuously****ed the global crude oil demand growth expectations for this year and next year. (OPEC) has consecutively reduced its global crude oil demand growth forecasts for this year and next year., refers to the U.S. President Trump'sReciprocal tariffs are significantly suppressing consumption.According to a report from OPEC's Vienna Secretariat, the organization has cut its daily demand growth forecast for 2025 and 2026 by approximately 100,000 barrels each, with global demand expected to increase by 1.3 million barrels per day (about 1%) in each of those years.