The Organization of the Petroleum Exporting Countries (OPEC), in a report released on Wednesday, said that the global oil demand will keep rising in 2027, at nearly the same pace forecast for this year.
Global oil demand is projected to rise by 1.34 million barrels per day in 2027, compared to an anticipated increase of 1.38 million barrels per day in 2026, an estimate that remains unchanged from last month, OPEC said in its monthly report.
As a result, oil demand is expected to reach 106.5 million barrels per day in 2026 and 107.9 million barrels per day in 2027, according to OPEC.
OPEC expects global economic growth to pick up to 3.2% in 2027, compared with 3.1% in 2026, describing the outlook as “positive,” driven primarily by easing tensions over tariffs imposed by the U.S. administration last year on major trading partners.
