Page 34 - Policy Economic Report - April 2026
P. 34
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Asia Pacific 0.41 0.41 0.38 0.39 0.38 0.39
32.10 32.35 32.72 33.05 32.56
Total OECD 32.32 4.67 4.67 4.57 4.57 4.62
0.83 0.82 0.82 0.83 0.82
China 4.62 1.64 1.62 1.61 1.61 1.62
8.04 7.96 8.02 8.16 8.05
India 0.82 1.73 1.83 1.98 1.99 1.88
2.24 2.23 2.24 2.31 2.25
Other Asia 1.64 0.36 0.36 0.36 0.36 0.36
0.09 0.09 0.09 0.09 0.09
Latin America 7.55 19.61 19.58 19.69 19.91 19.70
51.71 51.93 52.42 52.96 52.26
Middle East 1.99 2.57 2.57 2.57 2.57 2.57
54.28 54.50 54.99 55.53 54.83
Africa 2.27
Other Eurasia 0.36
Other Europe 0.09
Total Non-OECD 19.34
Total Non-DoC production 51.66
Processing gains 2.54
Total Non-DoC liquids production 54.20
Source - OPEC monthly report, April 2026
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.83 mb/d by 2026.
• The non-DoC liquids production (i.e. liquid production countries not participating in the Declaration
of Cooperation) is forecast to grow by about 0.6 mb/d to average in 2026.
Oil demand situation
• The global oil demand growth forecast for 2026 remains at a healthy 1.4 mb/d, y-o-y, unchanged from
last month’s assessment. The OECD is forecast to grow by 0.1 mb/d, while the non-OECD is forecast
to grow by about 1.3 mb/d.
• In 2027, global oil demand is forecast to grow by about 1.3 mb/d, y-o-y, unchanged from last month’s
assessment. The OECD is forecast to grow by 0.1 mb/d, while the non-OECD is forecast to grow by
around 1.2 mb/d.
Table 4: World Oil demand, mb/d
2025 1Q26 2Q26 3Q26 4Q26 2026 Growth %
Total OECD 45.94 45.38 45.59 46.78 46.49 46.07 0.13 0.28
21.31 20.87 20.84 0.10 0.48
~ of which US 20.74 20.45 20.71 60.34 61.66 60.46 1.26 2.11
5.61 6.13 5.87 0.22 3.89
Total Non-OECD 59.21 60.36 59.48 17.30 17.29 17.14 0.25 1.54
107.12 108.16 106.53 1.38 1.31
~ of which India 5.65 5.85 5.90
~ of which China 16.88 17.22 16.73
Total world 105.15 105.74 105.07
Source - OPEC monthly report, April 2026
April 2026 Page | 33
