Commodities Buzz: OPEC says global oil demand to grow by 0.2 mb/d in 2026, sees 2.6 mb/d rise next year

OPEC stated in a latest monthly update that global oil demand is forecast to grow by 0.2 mb/d in 2026, y-o-y, following a slight downward revision from last month’s assessment. The OECD is forecast to ease by about 0.2 mb/d, while the non-OECD is forecast to grow by about 0.4 mb/d. Global oil demand in 2027 is forecast to grow by about 2.6 mb/d, y-o-y, following an upward revision from last month’s assessment. The OECD is forecast to grow by about 0.5 mb/d, while the non-OECD is forecast to grow by about 2 mb/d.

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. This growth will mainly be driven by Qatar, Canada, Brazil, and Argentina. In September, crude oil production by countries participating in the DoC increased by 0.90 mb/d, m-o-m, to average about 39.07 mb/d, according to available secondary sources.

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