Vienna: The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that it raised the forecast for global oil demand growth in 2026 “on the back of supportive economic activities.”
In its latest monthly oil market report, OPEC estimated a rise of 1.4 million barrels per day (bpd) year on year in 2026, up from last month’s prediction of 1.3 million bpd.
The forecast for global oil demand growth in 2026 was revised upward “on the back of expected better economic performance in OECD America, OECD Europe, as well as the Middle East and Africa,” the report said.
For OECD especially, oil demand growth will increase by about 200,000 bpd year on year in 2026, higher than the previously estimated increase of about 100,000 bpd.
For 2025, the global oil demand growth remained unchanged at 1.3 million bpd year on year, according to the report.
Regarding its forecast for the world economic growth, OPEC turned up the figure for 2025 from 2.9 percent to 3 percent, citing the “consistent and strong momentum observed in the first half of 2025”. For 2026, the growth remained unchanged from last month’s report at 3.1 percent.
