OPEC Raises 2027 Oil Demand Forecast Amid Cuts for 2026

The Organisation of the Petroleum Exporting Countries (OPEC) anticipates a recovery in global oil demand by 2027, projecting an increase of approximately 2.4 million barrels per day, up from 2.2 million in its previous report. This adjustment follows a significant reduction in the 2026 growth forecast, which has been cut by more than 70%, now estimating a growth of 400,000 barrels per day, down from 600,000 barrels per day reported in August.

This marks the fifth consecutive monthly reduction, with OPEC having lowered its forecast by about one million barrels per day since April. In 2027, demand in OECD countries is expected to rise by about 400,000 barrels per day, while non-member countries are projected to see an increase of around two million barrels per day.

OPEC's outlook for oil supply growth from non-OPEC+ producers remains unchanged at 640,000 barrels per day for 2026 and 620,000 for 2027, indicating that demand will outpace supply in 2027.