OPEC has reduced its forecast for oil demand growth for 2026 to 400,000 barrels per day (bpd). This figure is significantly lower than the previous forecast of 1.4 million barrels per day announced at the beginning of this year. Haitham Al Ghais, the Secretary General of OPEC, announced this change at the 25th World Petroleum Congress (WPC Energy Congress) held in Riyadh.
Delay in Global Demand
Al Ghais also noted that delayed demand is expected to emerge in 2027, when accumulated demand becomes a reality. This forecast clearly reflects the economic and industrial impacts resulting from changes in global energy consumption patterns.
Read more: Hamid Bord Emphasized the Revival of 100 Million Cubic Meters of Gas Production Capacity
Need for Investment in the Energy Sector
The Secretary General of OPEC further stated that the world will need 23% more primary energy from now until 2050. He pointed to a lack of investment in upstream, downstream, and midstream energy sectors, adding that the consequences of this investment shortfall, particularly in refining operations, are already becoming apparent. These shortages could impact prices and the overall state of the energy market, creating new challenges for energy-producing and consuming countries.
As a result, the reduction in the oil demand growth forecast may indicate deeper changes in the global oil market. These developments will not only affect oil-producing countries but will also influence energy policies and sustainable development programs globally.
Read more: Hamid Bord Explained the Resilience of the Oil Industry and the Reconstruction of Assaluyeh Gas Refineries · Seven OPEC Plus Member Countries Emphasized Oil Market Stability
