By Ajibola Olaide, JKNewsMedia Reporter
GLOBAL OIL demand is expected to remain steady through 2026, with the Organisation of the Petroleum Exporting Countries (OPEC) reaffirming its growth projections in its latest monthly oil market report.
The group said it anticipates a 2.9percent increase in 2025 and 3.1 per cent in 2026, with both years seeing a consistent rise of 1.3 million barrels per day (bpd).
Updated figures reflect a balanced outlook, as stronger-than-anticipated performance in countries belonging to the Organisation for Economic Co-operation and Development (OECD) such as the Americas and Europe during the first quarter of 2025 was offset by lowered expectations for non-OECD markets.
The dip in demand projections for countries like China and India in the second quarter has been attributed largely to anticipated shifts in United States trade policies.
Within the OECD bloc, oil consumption is forecast to climb by approximately 160,000 bpd in 2025, with the Americas contributing most of that growth.
Demand across non-OECD economies, meanwhile, is projected to expand by over 1.1 million bpd—largely sustained by China, India, and other Asian nations.
OPEC emphasised that the global economic trajectory remained broadly positive.
Solid gains during the early months of 2025 and incremental developments in trade discussions with the U.S. have contributed to a stable macroeconomic environment.
Looking ahead to 2026, OPEC notes that its estimates remain unchanged, as it projects a further 1.3 million bpd year-on-year increase in global demand.
Growth within the OECD is also expected to be modest at around 0.1 million bpd, while non-OECD countries are forecast to contribute a larger 1.2 million bpd to the overall rise, said OPEC.
