Vienna, Jan 15: The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday forecast the global oil demand to grow by a “robust” 1.43 million barrels per day (bpd) in 2026 to 106.63 million bpd.
OPEC said the prediction, its first assessment of next year’s oil demand levels, is based on “continued solid economic activity in Asia and other non-OECD (the Organization for Economic Co-operation and Development) countries,” according to its monthly oil market report published on that day.
The organization maintained its forecast for global oil demand growth of 1.45 million bpd in 2025. In Wednesday’s report, OPEC further trimmed its estimates for global oil demand in 2024, from 103.82 million bpd projected last month to 103.75 million bpd, marking its downward revision for last year’s demand data for the sixth consecutive month.
In terms of supply, OPEC said that liquids supply from countries outside OPEC+, a producer alliance comprising OPEC and its allies, is expected to grow at 1.1 million bpd in 2026, the same as 2025 and again driven mainly by gains from the United States, Brazil and Canada.
OPEC also predicted the world economy to grow by 3.1 per cent this year and 3.2 percent next year, “supported by relatively steady growth levels in major economies,” Xinhua news agency reported.
“Within non-OECD economies, the key oil-consuming nations of China and India, along with other developing Asian economies, are projected to sustain their robust growth, contributing significantly to global economic expansion,” the organisation said. OPEC+ has agreed at a recent ministerial meeting to keep their current oil output cuts for the first quarter of 2025.
Last month, Iranian Oil Minister Mohsen Paknejad was elected as the rotating president of the OPEC for 2025. The newly elected President emphasised his commitment to using all his capacities to uphold the organisation’s consistency, solidarity, and progress.
The OPEC conference also renewed the term of office for Haitham Al Ghais as Secretary General for an additional three years, effective August 1, 2025. Iran assumed the presidency of the organisation on January 1, 2025. The OPEC presidency rotates annually among OPEC member countries.
IANS