OPEC sees solid global economy growth, keeps demand outlook steady

OPEC expects the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.

In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged at 1.3 billion barrel per day (bdp) in 2025 and 2026, saying the economic outlook was robust despite trade concerns.

Outside the OECD, global oil demand is expected to rise by more than 1.1 million bpd and 1.2 million bpd in 2025 and 2026, respectively.

"The global economy has outperformed expectations so far in the first half of 2025," OPEC said in the report published Monday, which it believes will provide sufficient support and momentum during the second half of 2025.

It announced that supplies from outside OPEC+ countries will increase by about 730,000 bpd in 2026, a decrease of about 70,000 bpd from last month's forecast.