OPEC Foresees Strong Oil Demand Surge in 2026
Click to start listening
Synopsis
On January 15, OPEC projected a significant increase in global oil demand, predicting a rise of 1.43 million barrels per day in 2026. This forecast emphasizes continued economic activity in Asia and non-OECD nations, while also revising downward previous demand estimates for 2024.
Key Takeaways
- OPEC anticipates a 1.43 million bpd increase in global oil demand in 2026.
- Economic activity in Asia drives growth.
- Global oil demand forecast for 2025 remains unchanged.
- OPEC+ maintains current oil output cuts.
- New leadership emphasizes unity and progress.
Vienna, Jan 15 (NationPress) The Organization of the Petroleum Exporting Countries (OPEC) has made a prediction regarding global oil demand, estimating a significant increase of 1.43 million barrels per day (bpd) in 2026, bringing the total to 106.63 million bpd.
This forecast, marking the initial assessment of next year's oil demand, is attributed to ongoing strong economic activity in Asia and various non-OECD (the Organization for Economic Co-operation and Development) nations, as detailed in its monthly oil market report released on that date.
OPEC has also maintained its projection for global oil demand growth of 1.45 million bpd for 2025.
In the report issued on Wednesday, OPEC revised its estimates for global oil demand in 2024 downward, from 103.82 million bpd last month to 103.75 million bpd, representing the sixth consecutive month of downward adjustments to last year's demand figures.
On the supply side, OPEC anticipates that liquids supply from non-OPEC+ countries—a coalition of OPEC and its allies—will grow by 1.1 million bpd in 2026, consistent with 2025 figures, primarily driven by increases from the United States, Brazil, and Canada.
Additionally, OPEC forecasts the global economy to expand by 3.1% this year and 3.2% next year, bolstered by relatively stable growth in major economies, as reported by Xinhua news agency.
Within non-OECD nations, key oil consumers such as China and India, along with other emerging economies in Asia, are expected to maintain their vigorous growth, significantly contributing to worldwide economic advancement, according to the organization.
During a recent ministerial meeting, OPEC+ agreed to maintain their current oil output cuts for the first quarter of 2025.
Last month, Iranian Oil Minister Mohsen Paknejad was appointed as the rotating president of OPEC for 2025.
The newly elected president stressed his dedication to utilizing all available resources to promote the organization's unity, solidarity, and progress.
The OPEC conference also extended the term of Haitham Al Ghais as Secretary General for an additional three years, starting August 1, 2025.
Iran took over the presidency of OPEC on January 1, 2025, with the presidency rotating annually among member states.
