Saudi Aramco CEO sees global oil demand to reach record high of 107.3mln BPD in 2026
Newsquawk Staff ·
Saudi Aramco CEO sees global oil demand to reach record high of 107.3mln BPD in 2026.
What it means
The CEO of Saudi Aramco's prediction of global oil demand reaching a record high of 107.3 million barrels per day (BPD) by 2026 underscores a bullish outlook for the oil market. This forecast signals strong underlying demand which could support prices, particularly in the context of OPEC+ supply constraints, and may influence trading strategies for WTI and other energy commodities as investors assess the longer-term implications for inflation and economic growth.
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
- Equinor (EQNR NO) CEO says what happens in the Middle East determines the price of oil, refined products and gas; hopes that Britain will approve the Rosebank oilfield
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
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