OPEC expects global oil demand to grow by 400,000 barrels per day (bbl/d) in 2026, down from its initial projection of 1.4 million bbl/for, as market developments over the course of the year have prompted a reassessment, OPEC Secretary General Haitham Al Ghais said on October 12, Reuters reported.

The organization expects some of the demand postponed this year to shift into 2027, potentially supporting stronger consumption next year.

Addressing the 25th World Petroleum Congress (WPC) in Riyadh, Al Ghais also projected that global primary energy demand would rise by 23% by 2050, according to Investing.com.

He also warned that insufficient investment across the energy supply chain, from production to refining, was already having consequences, particularly for refining capacity, Investing.com reported.

The 2026 World Petroleum Congress (WPC) opened in Riyadh on October 11 as part of Riyadh Energy Week, which runs through October 15. The event brings together energy industry leaders, policymakers, and experts from around the world to discuss major challenges facing the sector, explore emerging technologies, and examine the future of global energy markets.