OPEC has slightly raised its global oil demand forecast for 2026, citing continued economic momentum and a tighter market outlook. In its August monthly market report, the group now expects demand to rise by 1.4 million barrels per day (bpd), up from its previous projection, while forecasting slower supply growth from non-OPEC producers.
The report projects a 200,000 bpd demand increase in OECD countries and a larger 1.2 million bpd rise in non-OECD nations, underscoring a shift in consumption drivers toward emerging markets. OPEC kept its 2025 demand growth estimate at 1.3 million bpd but revised its 2025 economic growth forecast to 3 per cent, expecting the strong performance seen in early 2026 to persist into year-end.