OPEC forcasts higher global oil demand in 2027

VIENNA -- The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that the global oil demand for 2027 is estimated to be 107.86 million barrels per day (bpd), higher than the level of 2026.

Compared with 2026, the demand growth in 2027 will be a "healthy" level of about 1.3 million bpd, according to the OPEC monthly oil market report.

In breakdown, the Organization for Economic Co-operation and Development (OECD) is expected to grow by 100,000 bpd year-on-year, while in the non-OECD, oil demand is forecast to grow by about 1.2 million bpd, led by categories of Other Asia, India and China.

In 2026, the global oil demand is forecast to reach 106.52 million bpd, the report said. Compared with 2025, the demand growth forecast for 2026 remained at 1.4 million bpd, unchanged from last month's assessment.

The majority of the growth came from non-OECD countries. "This oil demand growth is expected to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities," the report said.

On global economy, the report said that in 2026, global economic growth is forecast at 3.1 percent, unchanged from the previous assessment.

In 2027, the world is expected to see a faster economic growth of 3.2 percent. "This positive outlook is underpinned by normalization in global trade, fiscal support measures, and ongoing adjustments to monetary policies in major economies," the report said.