OPEC retains global oil demand growth outlook for 2026, 2027

Logo of OPEC

OPEC has maintained its global oil demand growth forecast for this year at 1.4 million barrels per day (bpd), noting that oil demand in OECD countries grew by approximately 150,000 bpd.

In its monthly report released Wednesday, the Vienna-based organization projected global oil demand to grow by 1.3 million bpd in 2027, unchanged from last month’s estimates.

Outside the OECD, global oil demand is expected to rise by about 1.2 million bpd in both the current and coming years.

The organization also held its forecast for non-OPEC+ oil supply growth steady at 600,000 bpd for 2026 and 2027, driven primarily by production in Brazil, Canada, the US, and Argentina.

Additionally, OPEC kept its global economic growth forecasts at 3.1% for this year and 3.2% in 2027. It also projected the US economy to grow by 2.2% and 2% for the current and next years, respectively.