The Organization of the Petroleum Exporting Countries (OPEC) forecast in its latest monthly oil market report released on Wednesday that global oil demand will grow by a "healthy" 1.17 million barrels per day (bpd) year on year in 2026, lower than its previous estimate of 1.38 million bpd.
OPEC said it expects total world oil demand for the second quarter of 2026 to be 104.57 million bpd, lower than the previous forecast of 105.07 million bpd.
OPEC said it is estimating global oil demand will rise by about 1.54 million bpd in 2027 year on year, representing an upward revision of about 200,000 bpd from its April forecast.
The report forecast that oil demand in countries in the Organization for Economic Cooperation and Development (OECD) will grow by about 100,000 bpd year on year in 2026, and by about 1.1 million bpd in non-OECD countries.
OPEC forecast oil demand in OECD countries in 2027 will grow by 200,000 bpd compared to this year, and by about 1.3 million bpd in non-OECD countries.
OPEC lowers forecast for 2026 global oil demand growth
The chairman and president of the American Chamber of Commerce in South China expressed optimism about U.S. President Donald Trump's state visit to China.
Trump landed in the Chinese capital on Wednesday evening for a three-day state visit to China at the invitation of Chinese President Xi Jinping.
In an interview with China Global Television Network (CGTN) in Guangzhou, Harley Seyedin, chairman and president of the chamber, highlighted the visit's critical importance to the chamber's members, which account for about 40 percent of China-U.S. business trade and investment.
"The American Chamber of Commerce in South China has over 2,300 members, which account for about 40 percent of all U.S.-China business trade and investment. Therefore, his trip is extremely important to us, and we're very excited about the fact that he's coming," said Seyedin.
"Certainty is extremely important in business and I do believe that his trip will bring about certainty on a number of issues, especially on investment and cooperation and sales. And I think we will do very well with the fact that he's here. The Greater Bay Area, which consists of Hong Kong, Macao and nine cities on the mainland, has a GDP of 2.1 trillion U.S. dollars. I think the fact that President Trump is here is going to signal that we can continue to expand our business, we can continue to cooperate with our Chinese partners and prosper and benefit from the opportunities that will be available," said Seyedin.
He noted that the visit was crucial to a majority of chamber members who now focus on the Chinese market rather than exports.
"I do believe that his arrival will signal better cooperation in many, many new areas, What this will resolve is the reduction of tariffs and I do expect that reduction in tariff levels that's going to be very important. Seventy-seven percent of the members of the American Chamber of Commerce based in South China are not in the export business anymore. They are primarily here importing from the United States components and parts and products, and manufacturing in China for the Chinese market. So the Chinese market has become very important to us. And therefore President Trump's visit, his cooperation with President Xi Jinping, his meetings are gonna be extremely beneficial in our ability to penetrate the Chinese market, even in a greater way than we have in the past," the chairman said.
He also pointed out opportunities for U.S. companies in China's green industrial transformation, citing collaboration in electric vehicles (EVs), batteries, healthcare, AI, and consumer products.
"China is developing new technologies from which we can benefit by cooperating with our Chinese partners - EVs, batteries as well as health care. China is now the leading innovator of new drugs. We know that we can work together with China on many clinical trials in development of new technology. We can work together in AI areas. We think that AI is not necessarily just defense, it is an area that's very important to business going forward. In addition to that, there are just about every consumer product that you can imagine that we provide here in China, and we're gonna continue to do that," he said.
Trump's China visit to boost investment, cooperation: business leader
