Saudi Aramco expects global oil demand to rise

Global oil demand is expected to increase by 2 million barrels per day (bpd) in the second half of 2026, reaching 107.1 million bpd, according to a presentation by Saudi Aramco President and CEO Amin Nasser during a conference call with investors.

The presentation shows that global oil demand averaged 105.1 million bpd in the first half of the year and is projected to rise to 107.1 million bpd in the second half, Caliber.Az reports, citing foreign media.

It also notes that demand for hydrocarbons remains resilient. As oil supplies improve, demand is expected to recover further, supporting higher global oil consumption. Additional demand is also anticipated as countries replenish inventories and refill storage facilities.

According to Nasser, oil shipments through the Strait of Hormuz remain below pre-conflict levels. He said it would take several months for shipping volumes to return to normal, as supply routes are being reconfigured and vessels continue to avoid the waterway.

Nasser added that global oil demand is expected to receive an additional 2.1 million bpd boost in the coming months as countries rebuild their oil stockpiles.

He also said Saudi Aramco entered the current crisis with low inventory levels, adding that restoring stocks would require around 18 months of additional demand.

By Aghakazim Guliyev