The International Energy Agency (IEA) has revised up its forecast for global oil demand this year by 69,000 barrels per day (bpd).
Global oil demand is now expected to rise by around 932,000 bpd in 2026 compared to last year, reaching 104.98 million bpd, according to the IEA's January Oil Market Report on Wednesday.
The previous report had projected an increase of about 863,000 bpd to 104.79 million bpd.
IEA said the upward revision reflects a normalisation of economic conditions after last year's tariff turmoil that impacted consumption levels, especially for petrochemicals.
"Oil demand this year is nonetheless expected to be tempered by sub-par global GDP growth, energy efficiency improvements and robust EV sales in some markets. A marked recovery in tariff-hit petrochemical feedstocks will be only partially offset by a slowdown in gasoline gains. Non-OECD countries will once again account for all of the increase in 2026," the agency noted.
OECD oil demand is forecast at 45.75 million bpd in 2026, compared with 59.23 million bpd in non-OECD countries.
- Global oil supply down in December
Meanwhile, global oil supply declined by 350,000 bpd in December, reaching 107.41 million bpd, falling for a third consecutive month to stand 1.6 million bpd below September's record high.
During the same period, OPEC's crude oil supply fell by about 340,000 bpd month on month to 28.82 million bpd.
Oil production in non-OPEC countries decreased by roughly 10,000 bpd to around 72.87 million bpd.
Global oil supply is projected to increase by 2.5 million bpd this year to an average of 108.70 million bpd.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
