Global Oil Demand Projected To Hit 1.4 Million Barrels A Day By 2026

By Naija Enquirer Staff

Global oil demand growth is projected to reach between 1.1 and 1.4 million barrels per day in 2026, with as much as 80 per cent of this growth expected to come from the Global South, where energy affordability remains a top priority.

Saudi Aramco Chief Executive Officer, Amin Nasser, disclosed this projection on Tuesday, reaffirming that global demand for oil remains strong even before the recent sanctions imposed on Russian energy giants Rosneft and Lukoil.

Global Demand Strength Despite Sanctions

“Demand is strong even before these sanctions on Rosneft and Lukoil,” Nasser said, emphasizing that China’s energy demand remains robust despite global economic uncertainties. He added that the ongoing restrictions on Russian firms may further tighten supply dynamics, keeping oil prices supported in the near term.

Hydrocarbons Remain Central to Energy Transition

Nasser stressed that oil and gas will continue to play a vital role in the global energy mix for decades to come, noting that many governments are revising energy policies to reflect the continued relevance of hydrocarbons. “Oil and gas will continue to be a significant part of the energy mix for decades to come,” he said.

Technology and Digital Investments Boost Efficiency

Highlighting the role of technology in driving growth, Nasser revealed that Aramco has generated $6 billion in value from technology investments over the past two years. The company plans to invest nearly $2 billion more in its digital operations within the next three years to strengthen operational efficiency and data analytics capabilities.

According to him, advancements in artificial intelligence (AI) have greatly improved the company’s data collection and exploration processes, leading to new discoveries.