OPEC maintains oil demand forecast as global economy shows resilience

OPEC has kept its oil demand growth projections for 2025–2026 unchanged, anticipating a stronger global economy in the second half of the year despite ongoing trade tensions. The organization noted that robust refinery activity to meet seasonal travel demand should continue supporting fuel prices.

In its latest report, OPEC highlighted that India, China, and Brazil are outperforming economic expectations, while the US and eurozone sustain their recovery. This economic strength could enable OPEC+ to gradually restore oil production after years of output cuts. According to Investing.com, the alliance recently agreed to boost production by 548,000 barrels per day beginning in August.

Despite this supply increase, oil prices have remained stable near $69 per barrel as seasonal demand growth has offset downward pressure, analysts note.