OPEC Raises 2027 Oil Demand Outlook, Cuts 2026 Forecast
Crude Oil Price Movements In September, the OPEC Reference Basket (ORB) value increased by $24.15/b, m-o-m, to average $110.59/b. The ICE Brent front-month contract increased by $13.94/b, m-o-m, to average $102.02/b, and the NYMEX WTI front-month contract increased by $13.24/b, m-o-m, to average $95.69/b. The GME Oman front-month contract increased by $26.65/b, m-o-m, to average ...
The Organization of Petroleum Exporting Countries (OPEC) has revised its 2026 and 2027 oil demand outlook, raising its forecast for 2027 while cutting its forecast for 2026. Meanwhile, global oil demand is expected to grow by 2.6 million barrels per day (mb/d) in 2027, up from the previous month's estimate. Non-Organization of Petroleum Exporting Countries (non-OECD) oil demand is anticipated to increase by 2 mb/d in 2027, compared to the previous month's revision.
On the supply side, non-DoC liquids production, which includes liquids production from countries not participating in the Organization's Cooperation, is projected to grow by 0.6 mb/d in 2026, remaining unchanged from the previous month's forecast. In 2027, non-DoC liquids production is expected to grow by 0.6 mb/d, also unchanged. This growth will be driven primarily by Qatar, Canada, Brazil, and Argentina.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- OPEC cuts 2026 global oil demand growth forecast to 400,000 bpd hellenicshippingnews.com