OPEC downgrades forecast for global oil demand growth in 2026

OPEC downgrades forecast for global oil demand growth in 2026 Growth of approximately 40,000 bpd is expected in OECD countries, while non-OECD countries are projected to see an increase of around 0.74 million bpdMOSCOW, July 13. /TASS/. OPEC has revised downward its forecast for global oil demand growth in 2026, expecting it to increase by 0.8 million barrels per day (bpd) to a total of 105.94 million bpd, according to the organization's July report. A month earlier, OPEC projected global demand at 106.13 million bpd, with growth forecast at 0.97 million bpd. Growth of approximately 40,000 bpd is expected in OECD countries, while non-OECD countries are projected to see an increase of around 0.74 million bpd. At the same time, OPEC has raised its forecast for 2027. The organization now expects global oil demand to grow by approximately 1.9 million bpd year-on-year, following an upward revision from last month's outlook. Growth of roughly 0.3 million bpd is forecast in OECD nations, compared to about 1.7 million bpd in non-OECD countries. OPEC maintained its forecast for liquid hydrocarbon production growth in non-OPEC+ countries in 2026 at 0.6 million bpd. The main drivers of this growth will be Brazil, the United States, Canada, and Argentina. In 2027, production growth is also expected at 0.6 million bpd, with the forecast remaining unchanged. The key drivers will be Qatar, Canada, Brazil, and Argentina. 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