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Market Speak: OPEC keeps 2026 global oil demand growth forecast steady at 1.4 mb/d
12-Mar-2026 11:45
According to the latest monthly report from the Organization of the Petroleum Exporting Countries, global oil demand is expected to expand by around 1.4 mb/d in 2026 and 1.3 mb/d in 2027, with forecasts unchanged from the previous assessment. Demand growth is projected to be driven largely by non-OECD economies, while OECD consumption is expected to rise only modestly. The global economic outlook also remains steady, with growth forecasts held at 3.1% for 2026 and 3.2% for 2027, supported by strong momentum in major emerging economies including China and India. On the supply side, liquids production from non-DoC countries is forecast to increase steadily, led by producers such as Brazil, Canada, the United States and Argentina, indicating a balanced but gradually expanding global oil market in the coming years.

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