OPEC OMR SUMMARY
ECONOMIC GROWTH RATE: As usual, OPEC maintained stable and cautiously balanced global oil market outlook. The institute forecasted global economic growth at 3.1% in 2026, rising slightly to 3.2% in 2027, supported by steady expansion in the US, China, India, and other emerging economies.
OPEC BASKET : The OPEC Reference Basket (ORB) averaged $61.74 per barrel in Dec, 25 reflecting month-on-month declines amid futures market volatility, despite firm physical market fundamentals. Global oil demand growth for 2026 is projected at 1.4 mbpd, Led primarily by non-OECD countries, while demand growth in 2027 is expected at around 1.3 Mbpd.
SUPPLY FUNDAMENTALS: On the supply side, non-DoC liquid supply is forecast to increase by 0.6 Mbpd in both 2026 and 2027, driven mainly by Brazil, Canada, the US, and Argentina. Seasonal demand pressures dented refining margins in December while global tanker markets showed mixed trends across all segments.
DEMAND OUTLOOK: OPEC expects oil markets to remain supported by healthy demand growth, controlled supply expansion, and ongoing economic resilience, though geopolitical and macroeconomic uncertainties continue to warrant close monitoring.
