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

The outlook for higher demand and a drop in supply growth from outside OPEC+ would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market.

World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year’s expectation was left unchanged.

In the report, OPEC also increased its forecast for world economic growth slightly this year to 3 percent as President Donald Trump’s administration signs some trade deals and the economies of India, China and Brazil outperform expectations.

“Economic data at the start of the second half of 2025 further confirm the resilience of global growth, despite persistent uncertainties related to US-centered trade tensions and broader geopolitical risks,” OPEC said in the report.

Oil supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 630,000 bpd in 2026, OPEC said, down from last month’s forecast of 730,000 bpd.

OPEC's report said it now expects US output of tight oil, another term for shale, to decline by 100,000 bpd in 2026, versus last month’s outlook for flat output year on year.

“The 2026 forecast assumes sustained capital discipline, additional drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions,” OPEC said.

OPEC’s report also showed that in July, OPEC+ raised crude output by 335,000 bpd, a further increase reflecting its decisions this year to increase output quotas.

RIYADH: ������Ƶ’s mining sector has leapt 81 places over the past decade to rank 23rd globally in the Fraser Institute’s Investment Attractiveness Index, underscoring the Kingdom’s rapid emergence as a global mining contender. 
The rise from 104th place in 2013 marks one of the steepest climbs recorded by the Canadian think tank and puts ������Ƶ ahead of several established mining destinations in Asia and Latin America.  
The Fraser Institute credited the surge to sweeping regulatory reforms, strategic investment, and accelerated exploration activity.
These improvements reflect investor confidence in a stable regulatory environment and the vast untapped mineral wealth supported by large-scale geological surveys, new discoveries, and competitive mining licensing rounds. The rise aligns with the rapid growth of ������Ƶ’s mining industry, a key pillar of the Kingdom’s Vision 2030 diversification strategy.   
Commenting on the Fraser Institute’s 2024 report, Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said: “It reflects the structural transformation of the Saudi mining sector in line with the targets of Vision 2030.” 
He added: “Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains.”  
The vice minister said mining is no longer a traditional sector; rather, “it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success.” 
The Kingdom also ranked 20th globally in the Policy Perception Index, up from 82nd a decade ago, and 24th in the Best Practices Mineral Potential Index, rising from 58th. 
This comes as ������Ƶ issued a record number of new mining exploration licenses in the first half of 2025, registering a 144 percent increase year on year, official data showed.   
The Ministry of Industry and Mineral Resources reported that 22 licenses were granted during the period, up from nine in the same period a year earlier, underscoring rising investor interest and the government’s drive to build a more competitive and attractive mining sector.  
Commenting on ������Ƶ’s significant jump in the rankings, Minister of Industry and Mineral Resources Bandar Alkhorayef described the progress as “unprecedented positive results that align with the Kingdom’s rise as a global mining power, reflecting the impact of reforms to enhance competitiveness in the mining investment environment, which have increased global investor confidence.”   
“We are proud of this progress and will continue to develop the mining sector to maximize its role in diversifying our economy in line with Vision 2030 targets,” he added. 

The Fraser Institute highlighted the Kingdom’s broad regulatory transformation, covering areas such as security of tenure, taxation, environmental legislation, infrastructure, and community engagement, which enabled ������Ƶ to rank in the top quartile of the index for the first time.  
The report also noted investors had no concerns regarding political stability — one of the Kingdom’s key strengths — and commended the Mining Exploration Enablement Program for reducing investment risks and boosting early-stage project confidence.  
Data from the report showed marked improvements between 2013 and 2024, including a 305.8 percent increase in the clarity and effectiveness of mining administration, from 17 percent to 69 percent, ranking 11th globally.   
The clarity of land use for mining activities rose by 82.2 percent, from 45 percent to 82 percent, placing the Kingdom 7th globally.  
The effectiveness of labor regulations improved by 102.2 percent, from 45 percent to 91 percent, while the quality of geological databases saw an 81.8 percent increase, from 33 percent to 60 percent.    
The Fraser Institute’s Annual Survey of Mining Companies is considered one of the most trusted global benchmarks for evaluating mining investment environments and is widely used by investors, governments, and financial institutions to assess opportunities in the sector.