OPEC forecast on Wednesday world oil demand in 2026 will rise at a similar rate to this year, while reducing its figure for 2024 for a sixth time, following economic weakness in China, the world's biggest importer of oil.

The Vienna-based cartel retained its oil demand forecast for this year after a series of cuts and projected broadly stable growth into 2026.

Yesterday both the IEA and OPEC released their monthly oil market report, ING’s commodity analyst Warren Patterson and Ewa Manthey note.

OPEC has reiterated its earlier forecast that global oil demand will expand at a robust clip at 1.4 mb/d in 2025, largely driven by strong non-OECD growth

OPEC, in a monthly report, said demand will rise by 1.43 million barrels per day in 2026, a similar rate to the growth of 1.45 million bpd expected this year. The 2026 prediction is OPEC's first in its monthly report.

The International Energy Agency anticipates an acceleration in global oil-demand growth this year on lower prices and an improving economic outlook in developed countries, but still expects the market to be in surplus.