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OPEC has raised its outlook for global oil demand in 2026, expecting an increase of 1.4 million barrels per day — up slightly from previous estimates. Stronger-than-expected economic growth is the main driver, particularly in non-OECD countries.
Market Snapshot
- July saw mixed crude price movements: Brent and WTI dipped slightly, while Oman crude rose.
- Global economic growth is forecast at 3.0% in 2025 and 3.1% in 2026, supported by resilient performance in key economies like China and India.
Supply Outlook
- Non-OPEC+ (non-DoC) production is set to grow by 0.8 mb/d in 2025 and 0.6 mb/d in 2026, led by the US, Brazil, Canada, and Argentina.
- OPEC+ production rose in July to 41.94 mb/d.
Why It Matters…
For energy buyers and industry leaders, this signals continued upward pressure on demand — and potentially prices — into 2026, driven by robust emerging market consumption and a steady global economy.
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