Crude Oil Prices Slip on Nov 13 as OPEC Predicts Supply-Demand Balance in 2026

Crude Oil prices eased slightly on Thursday, November 13, as of 7:40 AM. WTI crude traded at $58.35 per barrel, down 0.24%, while Brent crude stood at $62.58, slipping 0.21%.

The decline followed an updated report from the Organization of the Petroleum Exporting Countries (OPEC), which projected that global oil supply will align with demand in 2026 due to increased production from OPEC+ members.

OPEC Revises Market Outlook

OPEC’s latest outlook marks a shift from its earlier projection of a supply deficit in 2026. The group now anticipates that higher output from members such as Saudi Arabia, Russia, and other partners will balance global demand.

This change suggests that the oil market may stabilise sooner than expected, reducing the likelihood of major price surges in the near term.

IEA Extends Oil Demand Growth Forecast

Adding to the evolving energy outlook, the International Energy Agency (IEA) revised its long-term projections in its latest World Energy Outlook report. The agency now expects oil and gas demand to continue growing until 2050.

This represents a significant shift from its previous prediction that global oil demand would peak within this decade. The IEA’s change stems from moving away from climate pledge-based models toward real-time market and policy assessments.

Also Read: ONGC Reports Net Profit Jumps 28.2% in Q2 FY26 Results!

Conclusion

The combination of OPEC’s balanced market projection and the IEA’s extended demand forecast points to a more stable yet persistently active oil sector. While short-term prices have softened, underlying demand strength and strategic production adjustments indicate that oil will remain a key energy driver well into the mid-century.

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