OPEC lowers global oil demand growth forecast for 2026

Vienna (ANTARA) - The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday (13/5) that global oil demand is projected to grow solidly by 1.2 million barrels per day (bpd) year-on-year (yoy) in 2026, lower than the previous forecast. OPEC presented this projection in its latest monthly oil market report. According to OPEC’s April projection, global oil demand in 2026 was estimated to increase by 1.4 million bpd (yoy). In 2027, global oil demand is expected to rise by around 1.5 million bpd (yoy), reflecting an upward revision of about 200,000 barrels per day compared to OPEC’s April projection. From a regional perspective, oil demand in member countries of the Organization for Economic Co-operation and Development (OECD) is projected to increase by around 100,000 bpd (yoy) in 2026. Meanwhile, according to the report, demand in non-OECD countries is projected to rise by around 1.1 million bpd (yoy). In 2027, oil demand in OECD countries is expected to increase by 200,000 bpd (yoy), while growth in non-OECD countries is projected to reach around 1.3 million bpd.