India's steel demand is set to grow significantly by 2026, driven by infrastructure and manufacturing, unlike China's property-led boom. With low per-capita consumption, India offers substantial potential, though growth will be gradual due to execution challenges and a focus on greener production.
OPEC has again reduced its 2026 global oil demand growth forecast by 0.2 million barrels per day to 0.97 million bpd. The organization also revised down its 2025 growth forecast by 0.2 million bpd to 1.2 million bpd, while increasing its demand forecast for 2027.
OPEC Secretary General Haitham al-Ghais stated at the St. Petersburg International Economic Forum (SPIEF) that oil demand growth has slightly slowed over the past two months but expects a recovery by 2027, with growth reaching 1.5 million barrels per day next year.
OPEC Secretary General Haitham Al-Ghais expects strong oil demand growth of 1.2 million bpd this year, unaffected by Middle East conflicts. Russia's economic envoy, Kirill Dmitriev, stated Europe needs Russian oil and gas to overcome its energy crisis, urging cooperation despite sanctions.
India's fuel demand growth is slowing due to price hikes for gasoline and diesel, reflecting higher oil costs from the Iran war. The trucking sector shows stress with falling freight prices and longer wait times for return trips, impacting manufacturing activity. Analysts predict further price increases, potentially dampening demand further.
India's transportation fuel demand growth is projected to slow significantly in the latter half of 2026 due to rising fuel prices, government conservation efforts, and a weakening rupee, according to a Kpler report. The forecast for 2026 demand growth was revised down by 77,000 barrels per day.
US electricity demand grew only 1.5% in Q1 2026, with renewables like solar and wind surging 11% to offset demand and push fossil fuels down. Hydro generation spiked 22% due to early snowmelt, but may decline later. Coal use dropped over 10%.
Oil prices showed mixed results as OPEC lowered its 2026 demand growth estimate to 1.2 million bpd, while the IEA warned of impending volatility due to supply losses from the Iran war, affecting over 14 million bpd and depleting global inventories at a record pace.
Oil prices increased on Thursday after the IEA warned of impending volatility due to supply losses from the Iran war, while OPEC reduced its 2026 demand growth estimate to 1.2 million barrels per day.
Oil prices seesawed on Thursday as traders balanced OPEC's reduced 2026 demand forecast with the IEA's warning of heightened volatility due to supply losses from the Iran war, ahead of the closely watched Trump-Xi meeting.
OPEC revises 2026 global oil demand growth down to 1.2 million bpd, while increasing 2027's forecast to 1.5 million bpd, amidst adjustments in OPEC+ and non-OPEC+ supply projections.
Global oil demand grew by only 0.65 million barrels per day (0.7%) in 2025, down from 0.75 mbd in 2024, according to the IEA's Global Energy Review 2026. Supply surged by 3 mbd due to increased production from OPEC+ countries and the Americas. The slowdown mainly reflected weaker growth in petrochemical feedstocks, which fell to 1.2% from 2.6% in 2024. Oil prices averaged 15% below 2024 levels due to the significant supply increase.
