The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to grow by 1.4 million barrels per day for both the current and next years.
The organization indicated in its first monthly report for the new year, issued today, that the growth in demand, which it described as "healthy", will come mainly from China, India, and other Asian countries, in addition to the Middle East and Latin America.
The report's figures showed that demand growth from India and China together will represent about 550,000 barrels per day this year and next, accounting for about 40% of the total growth in global demand. New Delhi will tie Beijing in terms of demand growth for the first time in 2026, with 270,000 barrels per day each.
The growth in demand for petroleum products this year will be boosted by a strong recovery in air travel, trucking, and industrial activities and construction projects, particularly in non-OECD countries. New additions to refining capacity and petrochemical projects will also contribute to the growth in demand for crude, according to the report.
As for the growth in oil supply from outside the OPEC+ alliance, the organization maintained its forecast last month at 1.1 million barrels per day for 2025. It also expected the same figure for next year.
Most of this additional supply will come from the United States, at about half a barrel per day, followed by Brazil and Canada, at 340,000 barrels per day for each, according to the report, which noted that investments in oil exploration, drilling and extraction will reach $278 billion in 2026, a slight increase from the investments expected this year.
