OPEC, by contrast, forecasts a supply deficit – Commerzbank

OPEC did not make any changes to its forecasts in its monthly report, Commerzbank's commodity analyst Carsten Fritsch notes.

OPEC's demand forecast may be far too optimistic

"According to OPEC's assessment, the oil market remains undersupplied despite the expansion of production by OPEC+, when comparing estimated demand and current oil supply from OPEC+."

"Demand is expected to rise significantly more strongly, while supply will be far less robust than expected by the IEA. The forecasts of the IEA and OPEC therefore continue to differ substantially. However, we consider OPEC's demand forecast to be far too optimistic."