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Informist, Monday, Jul. 13, 2026

 

MUMBAI – The Organization of the Petroleum Exporting Countries has forecast global crude oil demand to grow by 800,000 barrels per day in 2026, down from 1.0 million barrels per day projected last month. For 2027, OPEC has forecast demand to grow by 1.9 million barrels per day, up from its previous forecast of 1.7 million barrels per day, the group said in its July Monthly Oil Market Report.

 

In June, crude oil production by countries participating in the Declaration of Cooperation, or OPEC and its allies, rose nearly 3 million barrels per day month-on-month to 36.28 million barrels per day. Crude oil output by OPEC rose 3.05 million barrels per day to 22 million barrels per day in June, it said.

 

Demand for oil from countries that are part of the Organisation for Economic Co-operation and Development is expected to grow by 40,000 barrels per day this year, lower than the 100,000 barrels per day projected last month. Demand from non-OECD countries is forecast to grow by around 740,000 barrels per day in 2026, down from last month's forecast of 900,000 barrels per day. In 2027, oil demand from OECD countries is expected to grow by 300,000 barrels per day, and non-OECD demand is forecast to grow by about 1.7 million barrels per day, both of which are revised upward, according to OPEC.

 

India's oil demand in 2026 is seen at 5.74 million barrels per day, slightly lower than the previously projected 5.80 million barrels per day. In 2027, India's oil demand is projected at 6.10 million barrels per day.

 

OPEC has forecast non-OPEC oil supply to expand by 600,000 barrels per day to an average of 54.8 million barrels per day in 2026, unchanged from its June projection. It has also retained the non-OPEC oil supply growth view at 600,000 barrels per day to an average of 55.5 million barrels per day in 2027. The main drivers for supply growth are expected to be Qatar, Brazil, Canada, and Argentina.

 

Crude oil production in Saudi Arabia, OPEC's de facto leader, fell 99,000 barrels per day to 6.85 million barrels per day in June. Oil production in the United Arab Emirates rose over 1.6 million barrels per day to 3.81 million barrels per day last month. Kuwait recorded an increase in production of 880,000 barrels per day to 1.45 million barrels per day. Oil output in Iraq rose 446,000 barrels per day in June to 1.97 million barrels per day.

 

In May, commercial crude oil stocks in OECD countries fell 21.8 million barrels on month to 2.77 billion barrels, according to the report. Stocks were 48.6 million barrels lower than the latest five-year average. At 1811 IST, the price of West Texas Intermediate Crude futures was up 4% at $74.26 per barrel. The price of Brent Crude futures on the Intercontinental Exchange was $79.10 per barrel, up 4%.  End

 

US$1 = INR 95.62

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Saji George Titus

 

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