Global oil demand is set to grow by 1.38 million barrels per day (bpd) in 2026, OPEC said on Tuesday as it raised its forecast for next year by 100,000 bpd on the back of expected stronger economies in key oil-consuming regions.

OPEC raised its expectations for global oil demand growth next year and lowered the supply growth forecast for producers outside the group, and the EIA expects US output to decline in 2026.

OPEC on Tuesday raised its global oil demand forecast for next year and trimmed its estimate for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market.