Saudi Aramco Forecasts Record Global Oil Demand Growth of 1.1 Million BPD in 2026

Key Facts

1Saudi Aramco expects global oil demand to grow by 1.1 million barrels per day (bpd) in 2026, reaching a new record high.

2The projected growth is primarily attributed to increased consumption in the transportation and petrochemical sectors.

3Aramco's forecast of 1.1 million bpd is more conservative than OPEC's projection of 1.4 million bpd growth.

Saudi Aramco expects global oil demand to reach a new record high in 2026, driven by a projected growth of 1.1 million barrels per day (bpd). CEO Amin Nasser highlighted that this expansion will be primarily fueled by increased consumption within the transportation and petrochemical sectors. While the outlook remains positive, Aramco's forecast is notably more conservative than OPEC’s projection of 1.4 million bpd for the same period. This long-term outlook from the world’s largest oil exporter reinforces a bullish sentiment for crude prices and energy-related equities. Market participants are closely monitoring these figures as they reflect the anticipated pace of global economic recovery and industrial activity. The forecast underscores Aramco's strategic positioning amidst evolving global energy needs.