The Organization of the Petroleum Exporting Countries (OPEC) has reaffirmed its outlook for strong global oil demand growth in 2026, dismissing concerns that ongoing geopolitical tensions in the Middle East could significantly weaken consumption.
Speaking at the St. Petersburg International Economic Forum, OPEC Secretary General Haitham Al Ghais said the organization continues to project oil demand growth of 1.2 million barrels per day this year and sees no reason to revise its forecast.
According to Al Ghais, OPEC has not observed any evidence that global demand for crude oil is slowing despite widespread speculation about a potential decline in consumption.
“Despite all the commentary out there that oil demand is declining, we have not registered signs of that yet,” he said, emphasizing that demand remains resilient across major markets.
The comments come amid heightened uncertainty caused by conflict in the Middle East and concerns over disruptions to global energy supplies, particularly following the closure of the strategically important Strait of Hormuz, a key shipping route for global oil exports.
Despite these developments, OPEC remains confident that long-term energy demand will continue to grow and is urging the industry to maintain investment levels rather than reacting to short-term geopolitical events.
Al Ghais stressed that energy companies and producing nations must continue investing in oil production capacity to meet future demand, warning that underinvestment could create supply challenges in the years ahead.
“We need to invest well ahead of time to be prepared for the demand that we see in the future,” he said.
OPEC’s latest stance highlights the group’s belief that fossil fuels will continue to play a central role in the global energy mix despite increasing investments in renewable energy and the ongoing transition toward lower-carbon alternatives.
The organization’s unchanged forecast is likely to provide reassurance to oil-producing nations and energy investors who have been closely monitoring market volatility linked to geopolitical tensions and global economic uncertainty.
