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The Emirates News Agency highlighted that oil prices registered gains in early trading, with the uptick attributed to a reassessment of supply and demand fundamentals following a period of heightened geopolitical risks in the Middle East. Brent crude futures rose by nearly 1 percent to trade above $80 a barrel while West Texas Intermediate followed a similar trajectory, the report indicated. OPEC announced plans to boost production by 188,000 barrels per day in August, a move that signals the beginning of supply recovery from earlier curtailments.
According to OPEC’s Monthly Oil Market Report for June 2026, global oil demand is expected to grow by 1.4 million barrels per day in both 2025 and 2026. The forecast underscores robust consumption in non-OECD countries, which are projected to account for the majority of the increase. Non-OPEC liquids supply is also anticipated to expand by 1.1 million barrels per day in 2026, driven primarily by producers in the United States, Brazil and Canada.
Argus Media reported that OPEC trimmed its 2026 oil demand growth forecast to 970,000 barrels per day in its latest assessment, a reduction from the previous month’s projection. The adjustment was influenced by lower growth expectations for India and the Middle East region. Nevertheless, the group maintained an optimistic longer-term view, with demand seen rising significantly by 2030.
Reuters reported that OPEC sticks to a robust oil demand outlook and sees no peak in demand on the horizon through 2050. The cartel expects world demand to reach 124 million barrels per day by 2050, an increase from previous estimates. This outlook contrasts with some other forecasters who anticipate an earlier transition away from fossil fuels.
The BNN Bloomberg report noted that OPEC’s decision to increase output comes as oil supply rebounds globally, easing some price pressures despite ongoing tensions. Market observers are closely monitoring how quickly exports and shipping activity normalize following disruptions in critical waterways. Industry analysts have pointed to the importance of balancing this supply recovery with steady demand growth to maintain market stability.
In its World Oil Outlook, OPEC projected that demand for its crude will reach 42.7 million barrels per day in 2026, slightly higher than in 2025. The organization remains committed to market stability, according to statements in the report. Such projections provide context for the recent price movements as traders incorporate these long-term trends into their strategies.
