OPEC on Tuesday raised its global oil demand forecast for next year and trimmed its estimate for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market.

OPEC raised its expectations for global oil demand growth next year and lowered the supply growth forecast for producers outside the group, and the EIA expects US output to decline in 2026.

The raised forecast comes as the global economy was now projected to grow 3% this year, up from 2.9% previously.