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OPEC upgrades outlook on growth of oil demand for 2026 by 0.1 mbd

The forecast for oil demand growth in 2025 was maintained at 1.3 mbd

MOSCOW, August 12. /TASS/. Global oil demand could grow by 1.4 mln barrels per day (mbd) in 2026, according to OPEC’s August report. The organization thus increased its estimate by 100,000 barrels per day (bpd) compared to its previous forecast amid improved expectations for economic growth in European, American, the Middle Eastern and African countries.

The forecast for oil demand growth in 2025 was maintained at 1.3 mbd. In absolute terms, global oil demand could reach 105.14 mbd in 2025, and 106.52 mbd in 2026.

The main increase in demand both this and next year will come from India, China and other Asian countries - 1.2 mbd in 2025 and the same in 2026.

OPEC also maintained its forecast for the increase in oil supply from non-OPEC+ countries this year at 0.8 mbd. In absolute terms, it will total 54.01 mbd. At the same time, the forecast for supply growth in 2026 was downgraded by 0.1 mbd to 0.6 mbd. In absolute terms, the oil cartel expects crude supply from non-OPEC+ countries at 54.64 mbd next year.

The US, Brazil, Canada and Argentina will be the main growth drivers, while the main supply decline is projected in Angola.

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