OPEC Forecasts Global Oil Demand Growth to Accelerate to 2.2mmbbl/d in 2027
The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth, predicting an increase of 0.6 million barrels per day (mmbbl/d) in 2026, year on year.
This is a slight downward revision from OPEC's previous assessment. The Organisation for Economic Co-operation and Development (OECD) countries are expected to record a marginal decline of around 40,000 barrels per day (bbl/d) in oil demand during 2026, while demand in non-OECD countries is projected to rise by approximately 0.6 mmbbl/d.
In 2027, global oil demand growth is expected to accelerate, reaching around 2.2 mmbbl/d annually. Demand in OECD countries is projected to increase by around 0.3 mb/d, while non-OECD demand is expected to grow by approximately 1.8 mmbbl/d.