Global Oil Demand to Rise by 2.4m b/d in 2027, IEA Predicts

Global oil demand is projected to grow by 2.4 million barrels per day (mb/d) in 2027, according to a recent report from the International Energy Agency (IEA). This growth comes after a decline of 1.6 mb/d in 2026, which was revised downward due to ongoing disruptions at the Strait of Hormuz and elevated fuel prices.

The IEA Oil Market Report notes that global oil supply rose by 2.4 mb/d in July, but remained 6.3 mb/d below year-ago levels. The report attributes this decline to 8.3 mb/d of Gulf output still shut in.

Refinery crude throughputs increased further in July, but remained nearly 5 mb/d below year earlier levels at 80.9 mb/d. Tighter light and middle distillate markets boosted cracks and margins in the Atlantic Basin to record highs.