OPEC expects global oil demand to grow by 400,000 barrels per day (bbl/d) in 2026. That is well below its initial projection of 1.4 million bbl/d. Secretary General Haitham Al Ghais gave the revised figure on October 12, saying developments over the course of the year had prompted a reassessment.
Al Ghais said OPEC expects some of the demand postponed this year to shift into 2027, which could support stronger consumption next year.
Long-range outlook and investment warning
Speaking at the 25th World Petroleum Congress (WPC) in Riyadh, Al Ghais also projected that global primary energy demand will rise by 23% by 2050. He warned that insufficient investment across the energy supply chain, from production to refining, is already having consequences, particularly for refining capacity.
The event
The 2026 World Petroleum Congress opened in Riyadh on October 11 as part of Riyadh Energy Week, which runs through October 15. The event brings together energy industry leaders, policymakers and experts to discuss challenges facing the sector and the future of global energy markets.
Prices for reference
EIA data published on 2026-06-15 put WTI crude at $84.65 and Henry Hub gas at $3.06/MMBtu. Baker Hughes counted 562 US rigs as of the same date.
