OPEC maintains oil demand forecasts for 2026, 2027

VIENNA -- The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2026 and 2027.

In its February monthly oil market report, OPEC forecast a "healthy" global oil demand growth of 1.4 million barrels per day (bpd) year on year in 2026, followed by a rise of 1.3 million bpd year on year in 2027, figures unchanged from last month's assessment.

The oil demand in the Organization for Economic Cooperation and Development (OECD) is expected to grow by about 150,000 bpd year on year in 2026, while in the non-OECD countries, demand is forecast to expand by about 1.2 million bpd year on year.

"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 in non-OECD countries," the report said.

In 2027, the global oil demand is also expected to see a healthy yearly growth, the report said, with non-OECD countries taking up the majority of the global growth.