OPEC Predicts Continued Oil Demand Growth Through 2026

OPEC's latest monthly report highlights an expected rise in global oil demand in 2026, forecasting an increase of 1.43 million barrels per day, which is similar to the anticipated growth rate for 2025 at 1.45 million barrels per day. This marks the first such forecast for 2026 provided by the organization, underscoring its focus on adapting to ongoing shifts in energy markets.
The report outlines that the demand for crude oil will see a significant uptick, driven by the growing need for fuel in the transportation sector, particularly in aviation. Air travel is expected to continue expanding, boosting both international and domestic mobility. This trend indicates a sustained rise in oil demand, with expectations of ongoing growth over the next two decades.
Additionally, Bloomberg reported that OPEC’s crude oil production declined in December, largely due to production cuts implemented by the United Arab Emirates to stabilize global oil prices, following a recent dip in crude oil prices.
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