The raised forecast comes as the global economy was now projected to grow 3% this year, up from 2.9% previously.

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.

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.