OPEC Projects Oil Demand Growth to Surge Sixfold to 2.36 Million Barrels Daily in 2027
Source Summary
OPEC's September Monthly Oil Market Report forecasts global oil demand growth will accelerate dramatically from 380,000 barrels per day in 2026 to 2.36 million bpd in 2027. The cartel revised down its 2026 demand-growth forecast while raising its 2027 projection, expecting total global consumption to reach 108.19 million bpd next year compared to 105.84 million bpd this year. The forecast shows a particularly sharp swing in China, where OPEC expects demand growth of only 10,000 bpd this year.
Why it matters
OPEC's dramatic upward revision for 2027 demand signals the cartel's expectation of a sharp acceleration in global oil consumption, which directly affects crude prices and production strategy decisions.
