The main growth drivers are expected to be the US, Brazil, Canada, and Argentina.
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Crude oil futures traded lower on Thursday morning after the Monthly Oil Market Report from the OPEC+ (Organization of Petroleum Exporting Countries and allies) indicated a surplus in the global market.
At 9.57 am on Thursday, January Brent oil futures were at $62.67, down by 0.06 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $58.41, down by 0.14 per cent. November crude oil futures were trading at ₹5191 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5198, down by 0.13 per cent, and December futures were trading at ₹5217 against the previous close of ₹5223, down by 0.11 per cent.
On the world oil supply, the OPEC+ report said the production of non-DoC liquids (that is liquids production from countries not participating in the Declaration of Cooperation of OPEC+) is forecast to grow by about 0.9 million barrels a day, year-on-year (y-o-y), in 2025, revised up slightly by around 0.1 million barrels a day from last month’s assessment, mainly due to received historical data in 2025. The main growth drivers are expected to be the US, Brazil, Canada, and Argentina.
It said the non-DoC liquids production growth forecast for 2026 remains at 0.6 million barrels a day, y-o-y, with Brazil, Canada, US, and Argentina as the main growth drivers.
On the world oil demand, it said the global oil demand growth forecast for 2025 remains at about 1.3 million barrels a day, y-o-y, unchanged from last month’s assessment. In 2026, global oil demand is forecast to grow by about 1.4 million barrels a day, y-o-y, unchanged from last month’s assessment.
Giving details about OPEC’s figures, it said the demand for DoC crude in 2026 is revised down by 0.1 million barrels a day from the previous month’s assessment to stand at 43 million barrels a day, about 0.6 million barrels a day higher than the 2025 forecast.
November natural gas futures were trading at ₹401.50 on MCX during the initial hour of trading on Thursday against the previous close of ₹398.10, up by 0.85 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹8,504 in the initial hour of trading on Thursday against the previous close of ₹8,476, up by 0.33 per cent.
December turmeric (farmer polished) futures were trading at ₹14,900 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹15,032, down by 0.88 per cent.
Published on November 13, 2025
