OPEC: Oil Demand Will Continue to Grow in 2027

The Organization of the Petroleum Exporting Countries (OPEC) stated in a monthly report that oil demand is expected to increase further in 2027, at almost the same pace as projected for the current year.

Global oil demand is expected to grow by 1.34 million barrels per day (mb/d) in 2027, compared to an expected growth of 1.38 mb/d in 2026—an estimate unchanged from last month—OPEC affirms in its latest monthly projection report, based on the economic outlook.

Consequently, oil demand is expected to reach 106.5 mb/d in 2026 and 107.9 mb/d in 2027, OPEC specifies.

The organization forecasts rising global economic growth in 2027 at 3.2%, compared to 3.1% in 2026. These "positive outlooks" rely notably on an easing of the tariff war launched last year by the U.S. administration against its main trading partners.

The report also mentions monetary policy "adjustments" in major global economies and fiscal measures stimulating growth.

In both 2026 and 2027, growth in global oil demand will once again be driven overwhelmingly by non-OECD (Organization for Economic Co-operation and Development) countries, led by India, China, and the Middle East.