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The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said on Monday that the organization has lowered its forecast for global oil demand growth in 2026 to 400,000 barrels per day, compared to previous estimates of 1.4 million barrels per day at the beginning of the year, in line with developments witnessed this year.
Al-Ghais added that OPEC expects the deferred demand to shift to 2027, with demand accumulating during that period.
In a related context, the Saudi Minister of Energy said that the Kingdom is looking forward to international participation in developing alternative pipelines, explaining that the goal is to expand the base of ownership, operation, and financing to establish an international pipeline.
For his part, Saudi Aramco CEO Amin Nasser warned that pressures on crude oil supplies have become dangerous globally, noting that the sharp rise in refined fuel prices is exacerbating the challenges.
Nasser explained that commercial land inventories have fallen below 6 billion, describing them as the last line of defense available, noting that the vast majority of these barrels are not available for use.
He warned that pressures will increase across the energy chain until the Strait of Hormuz is fully reopened and confidence is restored, pointing out that refilling inventories while meeting demand could take up to two years.
Nasser indicated that Aramco is studying additional routes for crude oil exports and is working to expand external storage facilities, and also aims to increase gas sales and production capacity by about 80% by 2030, compared to 2021 production levels.
He stressed that protecting energy infrastructure and the routes the world relies on requires collective international efforts.
Regarding OPEC's long-term forecasts, Al-Ghais said that the world will need 23% more primary energy by 2050, warning that global investment remains insufficient across all stages of oil production.
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