OPEC Projects Oil Demand Growth to Surge to 2.6 Million Barrels Per Day in 2027
Source Summary
OPEC forecasts global oil demand growth of 2.6 million barrels per day in 2027, a sharp increase from 200,000 bpd growth expected in 2026. This projection would raise average world oil demand from 105.7 million bpd in 2026 to 108.3 million bpd in 2027. OPEC revised its 2027 demand forecast upward this month while lowering its 2026 growth estimate, with inventory rebuilding contributing to the projected increase.
Why it matters
OPEC's significantly higher demand forecast for 2027 signals expectations of substantial growth in global oil consumption, which influences crude prices, energy policy, and investment decisions across the oil and energy sectors.
