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.

Oil supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 630,000 barrels per day in 2026, OPEC said, down from last month’s forecast of 730,000 bpd.

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.