OPEC Expects Rising Oil Demand Despite Slowing Global Growth

OPEC's latest report projects rising oil demand over the next two years, despite trimming its global economic growth forecast for this year. The organization expects global oil demand to grow by 600,000 barrels per day in 2026 and climb further to 2.2 million barrels per day in 2027.

The August report also shows that OPEC reduced its global economic growth forecast for this year to 3%, down from an earlier projection of 3.2%. This decrease is a result of the organization's assessment of current market conditions, which includes lower crude prices and slower economic growth in some regions.

Crude oil prices fell significantly in July, with the OPEC basket average price decreasing by $6.76 per barrel to settle at $82.99. Brent crude averaged $83.97 per barrel over the same period, while West Texas Intermediate (WTI) crude averaged $79.22 per barrel.