Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- OPEC’s August oil market report projects global oil demand will increase to 107.7 million barrels per day (bpd) by the fourth quarter of 2026, up from 106.4 million bpd in the fourth quarter of 2025.
The report shows steady growth in worldwide oil consumption over the next two years, with demand expected to rise from 104.3 million bpd in the first quarter of 2025 to 105.7 million bpd by the second quarter of 2026.
OECD countries are forecast to consume 46.3 million bpd by Q4 2026, slightly higher than the 46.1 million bpd projected for Q4 2025. Within this group, the Americas region, led by the United States, remains the largest consumer.
U.S. oil demand is expected to reach 20.8 million bpd by Q4 2026, compared to 20.7 million bpd in Q4 2025. China’s consumption is projected to grow from 17.0 million bpd in Q4 2025 to 17.2 million bpd by Q4 2026.
On the supply side, total non-Declaration of Cooperation (DoC) supply and DoC natural gas liquids (NGLs) are forecast to increase from 62.6 million bpd in Q1 2025 to 64.1 million bpd by Q4 2026.
U.S. production is expected to grow from 21.8 million bpd in Q1 2025 to 22.5 million bpd by Q4 2026, maintaining its position as the largest non-OPEC producer.
Latin American oil supply is projected to increase from 7.4 million bpd in Q1 2025 to 8.0 million bpd by Q4 2026, showing significant growth in the region’s production capacity.
The report indicates that total non-DoC supply will rise from 54.0 million bpd in Q1 2025 to 55.2 million bpd by Q4 2026, while DoC NGLs will increase slightly from 8.7 million bpd to 8.9 million bpd during the same period.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.