OPEC Raises 2027 Global Oil Demand Growth Forecast to 2.55 Million Barrels Per Day for Sixth Consecutive Month
OPEC's monthly report raises the 2027 demand growth forecast while cutting the 2026 outlook, signaling a tightening medium-term balance.
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In its monthly report released on October 13, OPEC raised its forecast for global oil demand growth in 2027 to 2.55 million barrels per day, marking the sixth consecutive month of upward revisions.
This figure exceeds the previous September estimate of 2.36 million barrels per day. The organization projects total global daily oil demand will reach 108.28 million barrels in 2027.
Conversely, OPEC lowered its 2026 demand growth forecast from 380,000 barrels per day in September to 180,000 barrels per day, with total demand projected at 105.72 million barrels per day.
The divergence between short-term downward revisions and long-term upward adjustments reflects differing assessments of near-term economic headwinds versus medium-term structural demand recovery.