The Organization of the Petroleum Exporting Countries announced Wednesday that it still expects global oil demand to grow in 2026, although at a slower pace than previously forecast due to the fuel crisis linked to the ongoing conflict in the Middle East.
In its latest monthly report on the global economy and energy markets, OPEC projected world oil demand to reach approximately 106.33 million barrels per day in 2026, representing annual growth of around 1.2 million barrels per day.
The revised estimate marks a reduction from the organization’s previous forecast issued in April, when OPEC expected oil demand growth of 1.4 million barrels per day, with total consumption reaching 106.53 million barrels daily.
According to the report, most of the anticipated growth in demand next year is expected to come from non-OECD countries, which are projected to account for an increase of 1.1 million barrels per day.
Meanwhile, demand growth in OECD industrialized nations is expected to remain limited at around 100,000 barrels per day.
Looking further ahead, OPEC raised its outlook for 2027, forecasting global oil demand at approximately 107.9 million barrels per day after increasing its expected annual growth rate to 1.5 million barrels per day.
The organization’s revised projections come amid continued uncertainty in global energy markets caused by geopolitical tensions and disruptions to fuel supplies in the Middle East, according to news reports.
Earlier on Wednesday, the International Energy Agency also issued a more cautious outlook, predicting a decline of approximately 420,000 barrels per day in global oil consumption growth for 2026.
The IEA estimated total world oil demand next year at around 104 million barrels per day, significantly below OPEC’s forecast.
The differing outlooks highlight growing uncertainty over the future direction of energy markets as ongoing regional conflicts, supply disruptions and economic pressures continue to weigh on global consumption trends.
