1. OPEC Turbocharges Long-Term Demand Outlook

Meeting in Vienna this week for its biennial seminar, OPEC has projected an even more bullish outlook for crude oil consumption than its previous forecasts, expecting global demand to hit 122.9 million b/d by 2050.

Discarding environmentalist agendas promoted by Western governments as ‘unworkable’, the oil group is seeing India, Southeast Asia, the Middle East and Africa as the four main pillars of demand growth in the next 25 years. 

Simultaneously, OPEC has also cut its 2026-2029 outlook for demand growth, with the 2026 number being a whopping 1.7 million b/d lower than a year ago, whilst 2029 was trimmed by 0.7 million b/d. 

OPEC also predicts that non-OPEC+ liquids production will peak around 60 million b/d in the mid-2030s, allowing for a gradual market share increase for Saudi Arabia, Russia, Iraq and the UAE.   

2. US Cuts Henry Hub Price Outlook on High Inventories

The US Energy Information Administration has lowered its outlook for Henry Hub natural gas prices for the remainder of 2025, citing higher-than-expected inventory builds and robust upstream performance. 

The energy agency now expects to see $3.37 per mmBtu and $3.99 per mmBtu in Q3 and Q4 2025, respectively,…

1. OPEC Turbocharges Long-Term Demand Outlook