OPEC MOMR
The OPEC Monthly Oil Market Report (MOMR) is the organisation's flagship monthly publication covering global oil supply, demand, stock levels, and required OPEC production.
Last refreshed: 15 June 2026 · Appears in 1 active topic
When OPEC and the EIA both cut demand, which forecast should traders trust?
Timeline for OPEC MOMR
Cut 2026 demand growth to 970kb/d and logged OPEC+ May output at 33.13mbd
European Oil Markets: EIA and OPEC both cut 2026 demand- What is the OPEC Monthly Oil Market Report and why do traders watch it?
- The OPEC MOMR is a monthly report from the OPEC Secretariat covering global oil demand, supply, and the 'required crude' call on OPEC+ members. Traders watch it because it is the Secretariat's own assessment of whether OPEC+ is producing too much or too little relative to market needs.Source: OPEC Secretariat
- Why has OPEC cut its 2026 oil demand forecast three months in a row?
- OPEC trimmed its 2026 demand-growth estimate to 970kb/d in the June 2026 MOMR, its third successive monthly cut, reflecting softer industrial demand in key import regions. The June cut aligned with the EIA's own 1.3mbd revision in the same month.Source: OPEC MOMR June 2026 / Argus Media
- What does 'required crude from Declaration of Cooperation members' mean?
- The 'required crude' or 'call on OPEC+' is the OPEC Secretariat's estimate of how much crude OPEC+ members need to supply for the market to balance at current inventory levels. In June 2026 the figure was 42.5mbd; OPEC+ was producing 33.13mbd, signalling a gap the Secretariat attributes in part to voluntary and involuntary cuts.Source: OPEC MOMR
- How does the OPEC MOMR differ from the EIA Short-Term Energy Outlook?
- The MOMR is produced by a producers' organisation and includes secondary-source production data for its own members; the STEO is a US government forecast independent of producer interests. Both cover 18-month demand horizons, but the MOMR's 'required crude' figure has no EIA equivalent and is closely watched by producers' delegates.Source: OPEC / EIA
Background
OPEC's Monthly Oil Market Report (MOMR) is the Organisation's principal public communication on global oil market conditions, published in the second week of each month. Compiled by the OPEC Secretariat in Vienna, the MOMR includes secondary-source production data for all OPEC members, demand-growth forecasts by region, an assessment of the crude oil required from Declaration of Cooperation (DoC) members to balance the market, and a review of freight, refining margins, and petroleum product inventories. The June 2026 MOMR, relayed by Argus Media because the OPEC portal was paywalled, trimmed the 2026 demand-growth estimate to 970kb/d, a third consecutive monthly reduction, placed DoC required crude at 42.5mbd, and logged OPEC+ May production at 33.13mbd, down 185kbd on the month .
The MOMR is one of three monthly supply-and-demand reports that define the forecasting landscape alongside the EIA's STEO and the International Energy Agency's Oil Market Report. What distinguishes the MOMR is its inclusion of secondary-source production data compiled from Argus, Platts, and other agencies for OPEC members who do not report their own output, as well as the Secretariat's own assessment of the 'call on OPEC+' or required crude. The required-crude figure has market-moving significance: when DoC output falls below the call, the market reads the gap as implicit tightening; when it exceeds the call, as latent looseness.
The June 2026 edition's third successive demand-growth cut, arriving alongside the EIA's record 1.3mbd revision, consolidated a bearish demand narrative that weighed on the flat price while backwardation held via the 23-year-low OECD inventory backdrop. For professional traders, the alignment of two independent institutions on a demand downgrade is a more reliable signal than either institution alone, because it reduces the probability that the revision is idiosyncratic to one model's assumptions.