OPEC expects global oil demand to rise 1.34M bpd in 2027

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OPEC expects global oil demand to grow by 1.34 million barrels per day (bpd) in 2027, pointing to a delicate balance between supply and demand in the oil market.

For the current year, the organization forecasts global oil demand growth of 1.38 million bpd, unchanged from last month’s estimate.

In a report released today, OPEC projected oil demand in OECD countries to increase by 100,000 bpd next year, while demand in non-OECD countries is expected to rise by around 1.2 million bpd.

The organization also kept its forecast for global economic growth unchanged at 3.1% in 2026, with growth expected to edge up to 3.2% in 2027, supported by a positive outlook for global trade.

OPEC expects the US economy to expand by 2.1% in 2026 and 2.0% in 2027, while China’s economy is forecast to grow 4.5% in both the current and the following year.