OPEC made the forecast in its latest monthly oil market report. Of the total 800,000 bpd demand growth, the oil demand in the non-OECD (Organization for Economic Cooperation and Development) countries is expected to take up the biggest share and grow by about 740,000 bpd year-on-year in 2026.
In its June report, OPEC had forecast global oil demand growth of 1 million bpd year-on-year for 2026.
In 2027, global oil demand is estimated to rise by about 1.9 million bpd year-on-year, representing an upward revision of about 200,000 bpd from OPEC’s June forecast.
On the supply side, the report said that in June, crude oil production by OPEC+ countries increased by about 3 million bpd month-on-month to average at 36.28 million bpd. However, major producer Saudi Arabia reported lower oil production in June compared with a month ago.
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