Market Speak: OPEC flags resilient global growth, sees steady oil demand ahead
12-Feb-2026
13:04
OPEC struck an optimistic tone in its latest monthly report, highlighting the resilience of the global economy in 2025 despite uneven growth across regions. Global economic growth came in at 3.1% last year and is expected to remain steady at the same pace in 2026, before edging up to 3.2% in 2027 as easier financial conditions continue to support activity. Most major central banks shifted toward monetary easing in 2025, with the US Federal Reserve and the European Central Bank delivering multiple rate cuts, while the Bank of Japan moved in the opposite direction amid persistent inflation. In emerging markets, rate cuts in China, India, and Russia helped cushion growth, even as Brazil maintained a tighter stance. OPEC said lower interest rates have improved financial conditions for households and businesses, supporting consumption across oil-intensive sectors. This underpins oil demand growth of 1.4 mb/d in 2026 and 1.3 mb/d in 2027, with the bulk of demand coming from non-OECD economies. The report also noted that a relatively stable US dollar, following earlier weakness in 2025, has made dollar-priced commodities more affordable and provided additional support to global demand.
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