Business · Energy & Commodities · 6 hrs ago
OPEC cuts 2026 oil demand growth forecast, raises 2027 outlook
OPEC lowered its forecast for global oil demand growth in 2026 in its October outlook.
It expects demand to rise by about 0.2 million barrels per day, reaching 105.72 million barrels per day.
Demand is expected to fall in OECD countries while rising in countries outside the OECD; the reported estimates differ slightly, but both show that pattern.
OPEC raised its 2027 growth forecast to about 2.6 million barrels per day, compared with a previous estimate of roughly 2.4 million.
Countries outside the OECD are expected to account for most of that increase, while demand in OECD countries is also forecast to grow.
The outlook points to slower growth next year and faster growth in 2027, giving a picture of how OPEC expects oil use to change across the two years.
OPEC cut its forecast for global oil demand growth in 2026 to about 200,000 barrels per day.
It raised its 2027 growth outlook to about 2.6 million barrels per day.
The October report put average global demand at 105.72 million barrels per day in 2026 and 108.28 million in 2027.
OPEC expects demand to fall in OECD countries in 2026 while rising in non-OECD countries.
It said demand growth in 2027 is expected across both groups, led by non-OECD countries.
- Who
- The Organization of the Petroleum Exporting Countries (OPEC).
- What
- OPEC lowered its 2026 global oil demand growth forecast and raised its 2027 outlook.
- When
- OPEC issued the forecasts in its October report, published on October 13, 2026.
- Where
- The report was issued in Vienna, according to Al Eqtisadiah.
- Why
- The sources cite the effects of the Iran war and supply disruptions as factors affecting demand; OPEC also said some demand affected this year may shift to 2027.
This story does not have two clearly opposing sides.
OPEC forecast global oil demand growth of about 1.4 million barrels per day for the year.
OPEC's October report lowered its 2026 growth forecast to about 200,000 barrels per day.
The report raised OPEC's 2027 demand growth forecast to about 2.6 million barrels per day.
- 2026 demand growth
- About 200,000 barrels per day
- 2026 average demand
- 105.72 million barrels per day
- 2027 demand growth
- About 2.6 million barrels per day
- 2027 average demand
- 108.28 million barrels per day
- 2026 OECD demand growth
- Decline of about 200,000 barrels per day
- 2027 non-OECD demand growth
- About 2 million barrels per day
4 sources
What people are saying
Part of the demand that was affected during this year may shift to 2027, supporting expectations of a recovery in consumption growth next year.