OPEC demand forecast trimmed, recovery pushed into...

Summary

• The OPEC demand forecast for 2026 now sees oil use growing by just 400,000 barrels a day, far below the 1.4 million projected earlier, its chief said.
• OPEC demand forecast shifts to 2027For next year, Al Ghais said OPEC expects global oil use to rise by 1.7 million barrels a day.
• For China, OPEC sees almost no change this year, with demand up only 10,000 barrels a day to roughly 16.90 million.

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The OPEC demand forecast for 2026 now sees oil use growing by just 400,000 barrels a day, far below the 1.4 million projected earlier, its chief said.

Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries, gave the new figure on Monday. He spoke on the sidelines of the WPC Energy Congress in Riyadh.

“Due to ongoing developments, OPEC has lowered its oil demand forecast for this year,” he said. According to Al Ghais, the change reflects events throughout the year.

Still, the new OPEC demand forecast does not treat that demand as lost. Instead, OPEC expects part of the growth to shift into 2027, when it predicts a wave of pent-up consumption.

OPEC demand forecast shifts to 2027

For next year, Al Ghais said OPEC expects global oil use to rise by 1.7 million barrels a day. That would mark a sharp rebound from this year’s weak pace.