Global oil demand to rise sharply in 2027, led by India, non-OECD Asia: OPEC

According to OPEC's projection for 2027, global oil demand is expected to rise by 2.4 million barrels per day (mb/d), primarily driven by India and non-OECD Asia. This increase is anticipated to be fueled by healthy economic activity, particularly in these regions, with transportation fuels and petrochemical feedstock playing a significant role in demand recovery.

While demand in OECD economies is projected to decline by about 110,000 barrels per day year-on-year, non-OECD economies are expected to see a growth of around 2 mb/d. OPEC also highlighted the importance of continued investment in upstream production to meet future energy demand and maintain adequate spare capacity, with global oil and gas exploration and production capital expenditure expected to decline slightly in 2026 before recovering in 2027.

Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.