OPEC Sees Oil Demand Growth Explode Sixfold by 2027

OPEC's latest forecast is a stark contrast to their previous predictions for oil demand growth. In 2027, global demand is expected to jump from 380,000 barrels per day this year to 2.36 million bpd - a sixfold increase in just one year.

The cartel trimmed its 2026 demand-growth forecast in its September Monthly Oil Market Report, putting total consumption at 105.84 million bpd for the current year. For 2027, OPEC raised its forecast to 108.19 million bpd.

China's oil demand growth is especially significant, with OPEC expecting a mere 10,000 bpd increase this year. However, in 2027, China's consumption is expected to surge by 380,000 bpd, reaching 17.28 million bpd.