OPEC Sees Oil Demand Growth Surging to 2.6 Million Bpd in 2027
OPEC just put a very large number on next year’s oil market: global demand growth of 2.6 million barrels per day in 2027, after growth of just 200,000 bpd this year. That would push average world oil demand from 105.7 million bpd in 2026 to 108.3 million bpd next year. OPEC also revised its 2027 demand forecast higher this month, even as it nudged this year’s growth estimate lower. Part of that…
OPEC has forecasted a significant surge in global oil demand growth to 2.6 million barrels per day (bpd) in 2027, up from just 200,000 bpd this year. This projection would raise the average world oil demand from 105.7 million bpd in 2026 to 108.3 million bpd next year. The increase is primarily driven by inventory rebuilding as refiners, traders, and governments replace barrels drawn down during the Iran war, with OECD commercial stocks being 177.2 million barrels below their 2015-2019 average in August.
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