The organisation has raised its long-term outlook, driven by increased consumption in developing nations, and sees no evidence of a peak in oil usageThe Organization of the Petroleum Exporting Countries (OPEC) has revised its oil demand forecasts for the next four years, indicating a slower growth trajectory as Chinese economic expansion decelerates.Despite this, the organisation has raised its long-term outlook, driven by increased consumption in developing nations, and sees no evidence of a peak in oil usage, reported Reuters.According to OPEC’s 2025 World Oil Outlook, global demand is projected to average 105 million barrels per day (mbpd) in 2026.The forecast for 2026 has been adjusted downward to an average of 106.3mbpd, from 108mbpd anticipated last year, with a further decrease to 111.6mbpd by 2029, which is 700,000bpd lower than the previous year’s projection.However, growth in China, a long-time driver of oil consumption, is expected to slow due to factors such as economic trends, the rapid adoption of electric vehicles (EVs), and continued substitution of oil in various sectors.OPEC secretary general Haitham Al Ghais was quoted as saying, “Oil underpins the global economy and is central to our daily lives. There is no peak oil demand on the horizon.”
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