The International Energy Agency (IEA) forecasts that China's oil consumption will peak in 2027 at approximately 16.95 million barrels per day (b/d), with demand slightly declining to 16.66 million b/d by 2030, remaining marginally above 2024 levels. Meanwhile, Russian President Vladimir Putin has indicated that OPEC+ is gradually increasing oil output in response to rising global demand, particularly during summer months, but he stated there is currently no need for immediate intervention by the group. Russia has expressed openness to further output hikes at the next OPEC+ meeting on July 6 if deemed necessary. The U.S. Energy Information Administration (EIA) projects U.S. oil output to be 13.37 million bpd in both 2025 and 2026, with global oil demand forecasted at 103.5 million bpd in 2025 and rising to 104.6 million bpd in 2026. The EIA also revised its 2025 average price forecasts upward to $65.22 per barrel for WTI and $68.89 per barrel for Brent crude. Ahead of the July 28 Joint Ministerial Monitoring Committee (JMMC) meeting, OPEC+ delegates confirmed no discussions had taken place about pausing production increases, emphasizing that all options remain open. The JMMC meeting concluded without any policy recommendations, reiterating the importance of full conformity with production quotas and requesting countries that have not met their targets to submit updated compensation plans by August 18, 2025. OPEC's latest monthly report forecasts oil demand growth of 1.29 million bpd for the year 2025.