Business · Energy & Commodities · 14 hrs ago
OPEC sees oil demand growth rising to 1.7 million barrels a day in 2027
OPEC expects global oil demand to grow by 1.7 million barrels a day in 2027.
Secretary-General Haitham Al Ghais announced the forecast at the World Petroleum Congress in Riyadh, Saudi Arabia.
OPEC has cut its forecast for 2026 growth from 1.4 million barrels a day to 400,000.
Al Ghais said some demand had been delayed and could shift into 2027.
He also pointed to Saudi Arabia’s East-West oil pipeline as an example of infrastructure that can help protect supplies during disruptions.
Oil still accounts for more than 30% of the world’s energy mix, so reliable supply remains important to economies.
Al Ghais said the global oil industry needs long-term investment to meet future demand and avoid supply bottlenecks.
OPEC Secretary-General Haitham Al Ghais said global oil demand growth is expected to rise to 1.7 million barrels a day in 2027.
The projection compares with OPEC’s forecast of 400,000 barrels a day of growth in 2026, down from an earlier estimate of 1.4 million.
Al Ghais said deferred demand and pent-up demand would contribute to the increase in 2027.
He made the remarks during a session at the World Petroleum Congress in Riyadh.
He also argued that long-term investment is needed to support future demand and energy supply security.
- Who
- OPEC Secretary-General Haitham Al Ghais.
- What
- OPEC expects global oil demand growth of 1.7 million barrels a day in 2027, compared with 400,000 barrels a day in 2026.
- When
- The remarks were reported on October 12, 2026.
- Where
- At a session of the World Petroleum Congress in Riyadh.
- Why
- Al Ghais attributed the 2027 increase to deferred demand and pent-up demand.
This story does not have two clearly opposing sides.
OPEC lowered its forecast for global oil demand growth to 400,000 barrels a day, from 1.4 million.
Al Ghais said OPEC expected demand growth to reach 1.7 million barrels a day in 2027.
- 2027 oil demand growth forecast
- 1.7 million barrels a day
- 2026 oil demand growth forecast
- 400,000 barrels a day
- Earlier 2026 forecast
- 1.4 million barrels a day
- Speaker
- Haitham Al Ghais
- Event location
- Riyadh
What people are saying
المملكة تقدم «أفضل مثال على توفير ما يمكن وصفه ببوليصة تأمين لأمن الطاقة»
بوليصة تأمين لأمن الطاقة العالمي
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أمين عام أوبك هيثم الغيص خلال جلسة وزارية في #مؤتمر_البترول_العالمي بعنوان "رؤى حول أسواق النفط والغاز العالمية"، في الرياض اليوم: 🟠 #السعودية خير مثال على ضمان أمن إمدادات الطاقة وكيفية التخطيط المسبق لإدارة الأزمات 🟠 نتوقع زيادة قوية بـ 1.7 مليون برميل يوميا بالطلب على
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