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OPEC Sees Oil Demand Growth Explode Sixfold in 2027
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- OPEC has sharply revised its global oil demand growth forecast, projecting an increase from 380,000 barrels per day (bpd) in 2026 to 2.36 million bpd in 2027, a more than sixfold jump within a year.
- The cartel lowered its 2026 demand growth forecast but raised the 2027 outlook, expecting total global consumption to reach 108.19 million bpd next year, up from 105.84 million bpd this year.
- Significant demand growth is anticipated in non-OECD countries, especially China and India, with China’s demand rising by 380,000 bpd and India’s by 400,000 bpd in 2027.
- OECD oil demand is expected to decline slightly in 2026 but rebound with 430,000 bpd growth in 2027, driven by increases across the Americas, Europe, and Asia Pacific.
- OPEC’s own crude oil demand from cooperating countries is forecasted to increase by about 1.6 million bpd from 2026 to 2027, reflecting the broader global demand surge.
