OPEC slashes global oil demand forecasts for the coming years in latest outlook report | Forexlive

As things stand, the bloc sees world oil demand averaging 106.3 million bpd in 2026 – down from 108 million bpd last year. Meanwhile, they see the 2029 forecast as being 111.6 mil bpd – down 700k bpd from last year’s figure. Of note, they have cut the forecasts through from 2026 to 2029 but maintained that 2030 will average world oil demand of 113.3 mil bpd – the same as their forecast last year.

For some context, the IEA only sees global demand peaking at 105.6 million bpd by 2029 before tailing off from 2030 onwards. The forecast numbers are quite diverging with OPEC again being on the more bullish side. It’s not the first time and it won’t be the last, as OPEC has had to adjust their numbers lower for many a time now since last year.

On the lower forecasts, OPEC notes that demand growth is slowing in China but argues that “there is no peak oil demand on the horizon”. Besides that, OPEC is also putting out a bold call in saying that world oil demand will continue to grow in the coming decades to hit 122.9 million bpd by 2050. And that is wayyyyyy above the forecasts by their peers in the industry. For example, here is BP’s take on the outlook for oil demand in the coming decades: