Informist, Thursday, Sept. 11, 2025

MUMBAI – The Organization of the Petroleum Exporting Countries has retained its forecast for global crude oil demand in 2026 at 1.40 million barrels per day. In 2025, the organisation expects global crude oil demand to rise by 1.30 million barrels per day, unchanged from its previous projection, OPEC said in its September Oil Market Report.

Crude oil demand from the Organization for Economic Cooperation and Development countries is expected to increase by around 200,000 barrels per day in 2026. Demand for non-OECD nations is expected to rise by around 1.20 million barrels per day in 2026, unchanged from the previous forecast. In 2025, oil demand from OECD nations is expected to grow by around 100,000 barrels per day from 2025, and demand in the non-OECD countries is expected to rise by 1.20 million barrels per day, it said.

India's oil demand in 2026 is seen at 5.93 million barrels per day, unchanged from the group's previous projection. The group retained its forecast for India's consumption of oil this year at 5.70 million barrels per day.

In 2026, oil supply from countries that have not participated in the Declaration of Cooperation is forecast to grow by 600,000 barrels per day to an average of 54.6 million barrels per day, unchanged from last month's forecast. Supply from countries not participating in the Declaration of Cooperation is estimated to expand by 800,000 barrels per day in 2025 to an average of 54.00 million barrels per day, unchanged from last month's assessment. The US, Brazil, Canada, and Argentina will be the main growth drivers in both the years.

Crude oil production in August from countries participating in the Declaration of Cooperation--OPEC and allies--rose by 509,000 barrels per day to 42.40 million barrels per day, the report said, citing secondary sources. In August, total OPEC crude oil production averaged 27.95 million barrels per day, which is 480,000 barrels per day higher than the previous month, according to secondary sources.

Saudi Arabia, the de-facto leader of the group, produced 9.71 million barrels per day of oil in August, up 258,000 barrels per day from the previous month. Oil output in the United Arab Emirates was 3.26 million barrels per day in August, up 87,000 barrels per day. Kazakhstan's oil production in August fell 23,000 barrels per day to 1.81 million barrels per day, and oil production in Iraq rose 122,000 barrels per day to 4.02 million barrels per day, according to the group. The recent supply hikes by the group were reportedly to punish nations which were producing more oil than their assigned quota, such as Iraq and Kazakhstan.

In July, crude oil commercial stocks with OECD countries rose 2.4 million barrel on month to 2.76 billion barrels, according to the report. Stocks were 128.5 million barrels lower than the latest five-year average. At 1843 IST, the price of West Texas Intermediate crude oil was 1.6% lower at $62.66 per barrel. Price of Brent Crude on the Intercontinental Exchange was $66.21 per barrel, down nearly 2% from the previous close. End

US$1 = INR 88.44

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

Reported by Taniva Singha Roy

Edited by Avishek Dutta

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.