OPEC lowers 2026 global oil demand growth forecast

Photo taken on Sept. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Photo by Wang Zhou/Xinhua)

According to OPEC April forecast, the global oil demand in 2026 is expected to grow by 1.4 million bpd year on year.

VIENNA, May 13 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that the global oil demand is forecast to grow by a "healthy" 1.2 million barrels per day (bpd) year on year in 2026, lower than its previous estimate.

OPEC made the forecast in its latest monthly oil market report. According to its April forecast, the global oil demand in 2026 is expected to grow by 1.4 million bpd year on year.

In 2027, global oil demand is estimated to rise by about 1.5 million bpd year on year, representing an upward revision of about 200,000 bpd from OPEC's April forecast.

From a regional perspective, the oil demand in the Organization for Economic Cooperation and Development (OECD) is expected to grow by about 100,000 bpd year on year in 2026. In the non-OECD countries, demand is forecast to expand by about 1.1 million bpd year on year, the report said.

In 2027, the OECD oil demand is estimated to grow by 200,000 bpd year on year, while in the non-OECD countries, the demand growth is forecast to be about 1.3 million bpd.