OPEC MOMR

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.