The Organization of the Petroleum Exporting Countries (OPEC), has revised downward its 2026 global oil demand growth estimates, citing expected slower consumption growth in advanced economies, where collective demand will rise by only 100,000 barrels per day.

The cartel said it now expects global oil demand growth to reach 1.

2 million barrels per day in 2026, down from its previous forecast of 1. 4 million barrels per day, explaining that the revision would bring total global oil consumption to 106.3 million barrels per day.

In Europe, oil demand will decline by 30,000 barrels per day as weaker economic activity weighs on consumption, OPEC, said in its monthly oil market report.

The OPEC also expects some Asian economies, particularly Japan, to record slower demand growth. The organization forecast Japanese oil consumption to fall by 80,000 barrels per day.

However, strong demand from major emerging economies partly offset these weaker signals.

The OPEC said China would add 250,000 barrels per day to global demand, supported by its petrochemical industry. The organization also forecast India to increase demand by 200,000 barrels per day, driven by infrastructure spending and growth in vehicle ownership. Overall, OPEC expects emerging economies and developing countries to contribute an additional 1.1 million barrels per day to global oil consumption in 2026.

The OPEC’s revision aligns with a broader reassessment of global oil demand expectations.

In its May 2026 report, the International Energy Agency projected a much sharper downturn. The agency forecast a contraction of 420,000 barrels per day in global oil demand for the full year rather than a slowdown in growth.

The gap between the two institutions now exceeds 1 million barrels per day, highlighting the uncertainty surrounding the market outlook.

Both reports identified the near-closure of the Strait of Hormuz as a major factor behind market instability. According to the U.S. Energy Information Administration, six Gulf countries collectively reduced production by 10.5 million barrels per day in April, marking what the agency described as an unprecedented contraction outside pandemic periods.

As supply shortages intensified, oil producers outside the Middle East moved to increase production to offset part of the missing volumes. Several African producers, including Nigeria, Libya and Angola, benefited from rising demand for Atlantic Basin crude among Asian and European buyers that lost access to Gulf oil supplies, according to the IEA.

However, not all African producers can fully capitalize on the opportunity. Nigeria, Africa’s largest oil producer and an OPEC member, nonetheless showed encouraging momentum. According to provisional data published on May 15 by the Nigerian Upstream Petroleum Regulatory Commission, the country increased oil production from 1.546 million barrels per day in March to 1.663 million barrels per day in April 2026.

Dangote Petroleum Refinery has reduced the price of aviation fuel, also known as Jet A1, from N1,750 to N1,650 per litre.

The company said the move is aimed at reducing the financial burden on airline operators and ensuring steady fuel supply across the country.

The development was announced in a statement issued on Tuesday in Lagos by the company’s spokesperson, Anthony Chiejina.

According to him, the refinery also introduced a 30-day interest-free credit facility for marketers and airline operators backed by bank guarantees.

He added that the company had also changed its pricing structure from dollar-based transactions to payments in Naira, a move expected to ease pressure on local operators.

Chiejina stated that the reduction was necessary due growing concerns over the rising operational costs in Nigeria’s aviation sector.

According to him, aviation fuel accounts for a major part of airline expenses.

He said, “Industry stakeholders have repeatedly warned that the increasing cost of Jet A1 fuel was putting serious financial pressure on domestic airlines and threatening smooth flight operations.

“The refinery’s latest decision is expected to provide relief for airline operators by lowering fuel costs, improving operational stability and supporting efforts to reduce airfares for passengers.”

The Petroleum Technology Development Fund (PTDF) has commenced the second phase of interviews for the 2026/2027 PhD award under its Overseas Scholarship Scheme (OSS), targeting 2,102 PhD applicants across Nigeria.

Speaking during the screening on Monday in Abuja, Dr.

Bello Mustapha, Deputy General Manager, Education and Training, PTDF said the ongoing exercise followed the completion of MSc interviews conducted in four centres nationwide.

According to him, Abuja accounts for 912 candidates, scheduled for interviews over a five-day period, out of the 2,102 shortlisted nationwide.

Mustapha said the selection process followed the Federal Character principle, ensuring that candidates compete within their respective states, with top-performing applicants emerging based on merit.

He said the number of successful candidates to be awarded scholarships would depend strictly on budgetary provisions, with final decisions to be made by PTDF management after the interview process.

The PTDF official also disclosed that while the UK remains a destination for MSc scholars, the Fund has domesticated its PhD programme through a split-site arrangement involving partner universities, with candidates spending part of their study period abroad.

“Other countries participating in the scheme include Malaysia, Germany and France.

“The fund received over 30,000 applications for both MSc and PhD programmes, from which about 5,800 candidates were shortlisted for interviews,’’ he said.

The delegation from the Federal Character Commission (FCC) was on ground to monitor the ongoing PTDF 2026/2027 Scholarship selection for fairness

During the monitoring visit, the State Coordinator of the commission, John Uchara, accompanied by the Commissioner representing Benue State, Prof. Eugene Aleba, lauded PTDF for demonstrating compliance with federal character principles in the ongoing exercise.

Uchara said the commission’s presence was to ensure transparency, equity, and balance in the process, noting that the oversight was necessary to address concerns about marginalisation and imbalance in national opportunities.

“The exercise is open to candidates from all states of the federation, reinforcing inclusiveness in the selection process.

“Our duty is to ensure that what is being done here reflects the federal character principles, to avoid complaints from any part of Nigeria.

“From what we have seen, there is serious compliance with the principles. However, the final assessment will be based on the overall intake and how well it reflects national balance,” he said.

The FCC official, while reaffirming its commitment for continuous monitoring to ensure fairness and transparency, urged PTDF to consider expanding the scope of the programme to accommodate more qualified applicants.

A panelist at the ongoing interviews, Prof. Bashir Aliyu, from Modibbo Adama University, Yola, described the quality of candidates as highly impressive, noting that the process was progressing smoothly and transparently.

“We have started the interviews very well, and the exercise is progressing smoothly with candidates demonstrating strong academic and research potential.

“The panel focuses primarily on assessing the overall quality of candidates, including their academic background, research capacity, and the relevance of their proposed PhD work to national development.

“We look at their first degree, their master’s performance, their ability, and the quality of the work they present, especially in terms of innovation, potential for patenting, and usefulness to the country,” he explained.

He said while preliminary screening such as verification of academic records and credentials had already been conducted by PTDF, the panel’s role was to evaluate the strength and originality of candidates’ PhD proposals, as well as their professional conduct and research experience.

On the integrity of the process, Aliyu disclosed that PTDF has put in place robust verification mechanisms, including document authentication and checks on publications, to ensure only credible candidates are selected.

Tanko Fwadwabea, a Chemical Engineer, said his proposed PhD research focused on process simulation for blue hydrogen production, with the goal of adding value to Nigeria’s vast natural gas resources while reducing carbon emissions.

He expressed optimism that the scholarship opportunity would enable him to realise his research ambitions and contribute meaningfully to Nigeria’s energy future.

A returning candidate, Cornelia Collins-Onoha, a geosciences-based researcher while expressing optimism said her proposed PhD study focused on the spread and persistence of antimicrobial-resistant genes in aquatic environments, particularly in communities affected by oil pollution.

“I was here in 2025 but didn’t make the final list. However, I remain hopeful that this time around it will work out. This year, the process is prompter and more structured,” she said.

Collins-Onoha expressed confidence that her research and determination would contribute meaningfully to both environmental sustainability and public health in Nigeria.