Oil Continues to Benefit from OPEC’s Report on Global Demand

Oil prices remain on an upward trend since the start of Thursday’s trading session, driven by an OPEC report that confirmed the possibility of increased global demand for oil during 2025 and 2026. This is despite other organizations predicting that demand may decline in the coming period.

Futures contracts for oil rose to $71.32 per barrel, compared to the previous day’s close of $71.16 per barrel. Oil fell to its lowest level in Thursday’s session at $70.19 per barrel, compared to the highest level of $71.44.

The Organization of the Petroleum Exporting Countries (OPEC) maintained its estimates for global demand for 2025 and 2026 unchanged at 1.45 million barrels this year and 1.43 million barrels next year, according to its report issued this February, as per the report released last Tuesday.

OPEC expects the rate of oil consumption worldwide to rise in the coming period, which contradicts estimates from the US Energy Information Administration. The EIA suggests that global oil demand has peaked in a region not expected to surpass higher levels, predicting that it may begin to decline due to the increasing use of renewable and clean energy sources.

In its monthly report, OPEC stated that “the policies of US President Donald Trump’s administration have added to the uncertainty in the markets, which is likely to create imbalances in supply and demand that may not reflect the fundamental conditions in the global oil market.”

OPEC added, “It remains unknown how much damage may result from tariffs and other trade policies in the markets.”