Global oil demand will increase by 1.1 million barrels per day (bpd) in 2026, reaching a record 107.3 million bpd. This follows a presentation by Amin Nasser, head of Saudi Aramco, which he gave during a conference call with investors.
“Global oil demand has maintained its 4-year growth trend and is expected to reach a record 107.3 million bpd in 2026, reflecting an increase of 1.1 million bpd, mainly driven by transportation fuels and petrochemicals“, the presentation said.
According to Nasser, oil demand in 2025 exceeded 106 million barrels per day, and in 2026, according to various estimates, it will grow by 1.1 to 1.4 million barrels per day. He noted that as oil demand approaches its peak in the second and third quarters, refinery utilization is already increasing to meet the growing demand. Nasser added that global commercial stocks remain at a five-year low. “Given the current geopolitical situation, we may see a drawdown in stocks as supplies from the region decrease,“ he added.