OPEC forecasts global oil demand to rise by 2.36 mln barrels per day in 2027
The Organization of the Petroleum Exporting Countries forecasts that global oil demand will increase by 2.36 mln barrels per day in 2027, following growth of 380,000 barrels per day in 2026. Thus, the expected growth rate next year will be more than six times higher, OilPrice reports.
In its September monthly oil market report, OPEC lowered its forecast for demand growth in 2026. The organization estimates total global oil consumption this year at 105.84 mln barrels per day. In 2027, according to its forecast, demand will reach 108.19 mln barrels per day.
Forecasts for China and India
OPEC expects oil demand in China to increase by only 10,000 barrels per day in 2026, to 16.90 mln barrels per day. At the same time, the 2027 forecast envisages an increase of 380,000 barrels per day, to 17.28 mln barrels per day.
For India, the organization forecasts an increase in demand of 60,000 barrels per day in 2026. Next year, consumption will rise by another 400,000 barrels per day, according to OPEC's estimate, reaching 6.11 mln barrels per day.
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Most growth outside the OECD
In the countries of the Organisation for Economic Co-operation and Development, oil demand is forecast to decline by 110,000 barrels per day in 2026. In 2027, OPEC expects it to increase by 430,000 barrels per day in the Americas, Europe and the Asia-Pacific region.
Countries outside the OECD are expected to account for the largest share of growth next year: their combined demand, OPEC expects, will rise by 1.92 mln barrels per day, compared with 490,000 barrels per day in 2026. China, India and other Asian countries will account for nearly 1.2 mln barrels per day of this increase.
OPEC also forecasts that oil demand from countries participating in the Declaration of Cooperation will increase from 42.2 mln to 43.9 mln barrels per day in 2027.
