OPEC keeps global oil demand forecasts steady for 2026, 2027

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OPEC maintained its forecasts for global oil demand growth for the current and coming year, according to the organization's report issued on Wednesday ...

OPEC maintained its forecasts for global oil demand growth for the current and coming year, according to the organization's report issued on Wednesday, Nov. 11.

The organization forecasts global oil demand to grow by 200,000 barrels per day (bpd) in 2026, and by 2.6 million bpd in 2027, unchanged from previous estimates.

Demand is expected to rise in OECD countries by about 500,000 bpd during 2027, while non-OECD countries are forecast to see an increase of around 2 million bpd.

On the supply side, the organization projects oil production from non-OPEC+ alliance countries will rise by about 600,000 bpd in 2026 and 2027, led by Brazil, Canada, the United States, and Argentina.

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