Crude oil prices are recording declines in mid-trading today, Thursday, July 10, after recording gains of more than 1% at the beginning of the European session. A Reuters report indicated that some sources indicated that OPEC+ is considering suspending additional oil production increases after the expected increase next month at the alliance’s meeting in early August. US crude (NYMEX) is down about 0.94%, trading at $67.74 per barrel, while Brent crude is trading at $69.68 per barrel, down about 0.72%.

OPEC’s monthly report, released today, showed that the oil-producing organization has raised its long-term oil demand forecast by 3 million barrels. The organization expects demand to rise by 18.5% to 122.9 million barrels per day by the end of 2050, up from 120.1 million in the organization’s previous forecast, supported by stronger growth in India and the Middle East and a changing political landscape. The report indicated that the organization expects global oil demand to average 105 million barrels per day this year.