# OPEC raises U.S. oil supply outlook, sees lower demand for own crude

> OPEC revised its outlook for non-OPEC crude and liquids supply, now expecting 4 million bpd more growth than in last year's report, with non-OPEC output reaching 66.1 million bpd by 2023. Demand for OPEC crude is projected to fall to 31.6 million bpd in 2023 from 32.6 million in 2017.

- Date: 2018-09-23 · published 2018-09-23T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A larger non-OPEC supply outlook and falling demand for OPEC crude point to a more bearish crude price path over the long term, which would ease energy costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +6.0% | +8.3% |
| WTI | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +4.4% | +3.6% |
| WTI | 2019-08-16 | [OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus](https://feedsoft.ai/events/57507-opec-sees-bearish-oil-outlook-for-rest-of-2019-points-to-2020-surplus.md) | +1.5% | +1.1% |
| WTI | 2017-03-09 | [Oil Drops to Lowest Since OPEC Deal, U.S. Crude Below $50/bbl \| Fox Business](https://feedsoft.ai/events/8367-oil-drops-to-lowest-since-opec-deal-u-s-crude-below-50-bbl-fox-business.md) | -2.9% | +2.3% |
| WTI | 2023-06-01 | [EIA expects lower crude oil prices for the second half of 2023 and for 2024](https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024.md) | +6.5% | +2.6% |
| BRENT | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +8.0% | +7.2% |
| BRENT | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +2.6% | +3.9% |
| BRENT | 2019-08-16 | [OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus](https://feedsoft.ai/events/57507-opec-sees-bearish-oil-outlook-for-rest-of-2019-points-to-2020-surplus.md) | +3.6% | +4.8% |

## Sources

- reuters.com: https://www.reuters.com/article/us-oil-opec-outlook/opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude-idUSKCN1M30LZ/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.