OPEC raised its forecast for global oil day next year by 150,000 barrels, and forecasted global oil demand this year by 140,000 barrels, reaching 84.56 million barrels and 8.405 million barrels respectively. It is expected that China, the Middle East, and Latin American countries will promote oil demand next year, and oil prices of around US$70 per barrel may continue. The International Energy Agency (IEA) has increased its forecast for global oil demand next year three times this year, while OPEC's 11 member countries (excluding Iraq) subject to production quota quota increased their daily oil production to 26.334 million barrels in August. The proportion of OPEC countries that have achieved reduction targets has now fallen to 65%.
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