Commodities Buzz: OPEC sees healthy oil demand growth this year

Oil producers group OPEC has stated in a monthly update today that global oil demand is forecast to grow by a healthy 1.2 mb/d in 2026, y-o-y. The OECD is forecast to grow by about 0.1 mb/d, while the non-OECD is forecast to grow by about 1.1 mb/d. In 2027, global oil demand is forecast to grow by about 1.5 mb/d, y-o-y, showing an upward revision of about 0.2 mb/d from last month’s assessment. The OECD is forecast to grow by 0.2 mb/d, while the non-OECD is forecast to grow by about 1.3 mb/d.

It stated further that non-doc liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026, unchanged from last month’s assessment. The main drivers of liquids production growth are expected to be Brazil, the US, Canada, and Argentina. In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, also unchanged from last month’s assessment, driven mainly by Qatar, Brazil, Canada, and Argentina.

Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to increase by about 0.1 mb/d, y-o-y, in 2026, to average about 8.8 mb/d. Additional growth of about 0.1 mb/d, y-o-y, is forecast for 2027, to average about 8.9 mb/d. In April, crude oil production by countries participating in the DoC decreased by 1.74 mb/d, m-o-m, to average about 33.19 mb/d, according to available secondary sources.

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