FEBRUARY 11, 2026 AT 01:00 PM
OPEC MOMR: 2026 world oil demand remains at 1.4mln BPD (unchanged from the Jan MOMR), 2027 world oil demand is forecast to grow by about 1.3mln BPD Y/Y (unchanged from the Jan MOMR)
Importance
Level 1
Oil Demand
- Global oil demand growth forecast for 2026 remains at 1.4mln BPD Y/Y, unchanged from last month’s assessment.
- In 2027, global oil demand is forecast to grow by about 1.3mln BPD Y/Y, unchanged from last month’s assessment.
- Oil demand in the non-OECD is forecast to be mostly driven by requirements from Other Asia, supported by India and China.
- Oil demand growth is expected to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction, and agricultural activities in non-OECD countries. Similarly, capacity additions and petrochemical margins are expected to continue to contribute to growth.
Supply
- Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.6mlb BPD Y/Y, in 2026, unchanged from last month’s assessment,
- In 2027, non-DoC liquids production is forecast to grow by about 0.6mln BPD, unchanged from last month’s assessment, mainly driven by Brazil, Canada, Qatar, and Argentina.