Crude oil futures declined on Thursday morning following the Monthly Oil Market Report released by OPEC+ (Organization of the Petroleum Exporting Countries and allies), which indicated a surplus in the global market.
As of 9:57 AM on Thursday, January Brent oil futures traded at $62.67, a decline of 0.06%, while December crude oil futures for West Texas Intermediate (WTI) were priced at $58.41, down by 0.14%. In India, November crude oil futures were trading at ₹5191 on the Multi Commodity Exchange (MCX), marking a 0.13% decrease from the previous close of ₹5198. December futures were also down by 0.11%, trading at ₹5217 against the prior close of ₹5223.
The OPEC+ report projected that production of non-Declaration of Cooperation (DoC) liquids—which includes liquids produced by countries not participating in the OPEC+ agreement—is set to expand by approximately 0.9 million barrels per day year-on-year (y-o-y) in 2025. This projection has been adjusted upwards by around 0.1 million barrels per day from the previous month’s assessment, primarily due to updated historical data. The main contributors to this increase in production are forecasted to be the United States, Brazil, Canada, and Argentina.
For 2026, the forecast for non-DoC liquids production growth remains unchanged at 0.6 million barrels per day y-o-y, with the same countries expected to drive this growth.
On the demand side, the global oil demand growth forecast for 2025 remains steady at about 1.3 million barrels per day y-o-y, consistent with last month’s analysis. In 2026, demand is expected to increase by about 1.4 million barrels per day y-o-y, also unchanged from prior assessments.
OPEC’s figures indicate that the demand for DoC crude in 2026 has been adjusted downwards by 0.1 million barrels per day from previous estimates, now projected to stand at 43 million barrels a day—approximately 0.6 million barrels per day more than the 2025 forecast.
In related trading activities, November natural gas futures on the MCX were priced at ₹401.50 during the initial hour of trading, rising 0.85% from the previous close of ₹398.10. Additionally, on the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹8,504, an increase of 0.33% from the previous close of ₹8,476. However, December turmeric (farmer polished) futures saw a decline, trading at ₹14,900 on NCDEX compared to the prior close of ₹15,032, down by 0.88%.
Published on November 13, 2025.
