BAKU, Azerbaijan, May 15. The Organization of the Petroleum Exporting Countries (OPEC) forecasts global oil demand to rise by 1.3 million barrels per day (mb/d) in 2026, maintaining a pace similar to the previous year, according to its latest outlook, Trend reports.
Total growth is expected to come from both OECD and non-OECD countries, with demand projected to be driven by continued recovery in transportation activity and sustained economic growth in emerging markets.
In the OECD region, oil demand is expected to increase by around 0.1 mb/d year-on-year, led once again by the Americas. Modest gains are also anticipated in OECD Europe and Asia Pacific.
Non-OECD economies are forecast to contribute the majority of the increase, with a combined growth of 1.2 mb/d. The strongest demand is projected to come from Other Asia, followed by India and China, with further support from the Middle East and Latin America.
By product category, transportation fuels - including gasoline, jet fuel/kerosene, and diesel - are expected to be the primary drivers of demand growth. Liquefied petroleum gas (LPG) and naphtha will also contribute to the increase, while consumption of residual fuel oil is projected to decline in 2026.
The outlook comes as OPEC also confirmed its 2025 forecast, which sees global oil demand growing by 1.3 mb/d to reach an average of 105 mb/d.
