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Oil Prices Sink 4% as OPEC Moves to Balanced 2026 Outlook
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Why This Matters
Oil prices dropped 4% after OPEC revised its 2026 global market forecast to balanced, citing increased non-OPEC production and recovering inventories. This shift in outlook led to a new round of selling, with Brent and WTI futures declining by 3.67% and 4.1%, respectively. The revision is attributed to faster supply growth from the US, Brazil, and Guyana.
Market Impact
Market impact analysis based on bearish sentiment with 85% confidence.
Sentiment
Bearish
AI Confidence
85%
Article Context
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Oil prices fell sharply on Wednesday after OPEC said it now expects the global market to be balanced in 2026, abandoning its earlier deficit forecast as non-OPEC production rises and inventories recover. The revision, detailed in the group’s Monthly Oil Market Report, triggered a new round of selling, with Brent futures down 3.67% to $62.77 a barrel and WTI off 4.1% at $58.55 by 1:11 p.m. ET. OPEC’s analysis points to faster supply growth from the United States, Brazil, and Guyana, projecting non-OPEC liquids output to increase by about…
Original article published by
OilPrice.com
on November 12, 2025.
Analysis and insights provided by AnalystMarkets AI.
Analysis and insights provided by AnalystMarkets AI.