OPEC Raises Global Oil Demand Forecasts 2025, 2026

OPEC has raised its forecast for global oil demand growth in 2026 to 1.38-1.4 million barrels per day, reflecting stronger global economic growth and accelerating demand, particularly from non-OECD countries like India and China. The forecast for 2025 remains steady at around 105.1 million barrels per day, with demand expected to increase by about 1.3 million barrels daily that year. In contrast, OPEC has trimmed its supply growth forecast for 2026 from producers outside the OPEC+ coalition, lowering it to approximately 630,000 barrels per day, down from an earlier estimate of 730,000. This tighter supply outlook, combined with higher demand expectations, supports OPEC+'s strategy to increase production to regain market share after previous supply cuts. OPEC+ recently raised crude output by 335,000 barrels per day in July, reflecting these market adjustments. Overall, the organization anticipates a tighter oil market next year due to accelerating demand and slower rival supply expansion.