Vienna, Jan 16 (IANS) The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that global oil demand is expected to rise to a “strong” 1.43 million barrels per day (bpd) in 2026, with a forecast of 106.63 million barrels per day (bpd). I predicted it would be. OPEC said the forecast, its first assessment of next year’s oil demand levels, was based on “continued strong economic activity in Asia and other non-OECD (Organization for Economic Co-operation and Development) countries,” according to the monthly oil market. said. Report released on the day.
The organization maintained its forecast for global oil demand growth of 1.45 million barrels per day in 2025. In a report on Wednesday, OPEC further cut its 2024 global oil demand forecast to 103.75 million barrels per day from the 103.82 million barrels per day predicted last month. Last year’s demand data increased for six consecutive months. Regarding supplies, OPEC said liquid supplies from countries other than OPEC+, the producer alliance made up of OPEC and its allies, are expected to increase by 1.1 million barrels per day in 2026, the same as in 2025, which is also the main said it will be driven by profits from the United States. Brazil and Canada.
OPEC also predicted that the global economy would grow by 3.1 percent this year and 3.2 percent next year, “supported by relatively stable growth levels in major countries,” according to Xinhua news agency. “Among non-OECD countries, the major oil consumers China and India, along with other developing Asian countries, are expected to maintain strong growth and contribute significantly to global economic expansion,” the group said. . At a recent ministerial meeting, OPEC+ agreed to maintain current production cuts until the first quarter of 2025. Last month, Iranian Oil Minister Mohsen Pakhnejad was elected OPEC’s rotating chairman for 2025.
The newly elected President emphasized his determination to use all his abilities to maintain the organization’s coherence, unity and progress. The OPEC meeting also renewed Haitham Al Ghaith’s term as Secretary-General for an additional three years starting August 1, 2025. Iran assumed the chairmanship of the organization on January 1, 2025. The OPEC Presidency is rotated annually among OPEC member countries. .
