OPEC Cuts 2026 Oil Demand Forecast, Raises 2027 Outlook

OPEC sharply reduced its forecast for global oil-demand growth in 2026 and raised its outlook for 2027, saying replenishing inventories depleted during supply disruptions would add to demand next year. The 2026 revision, reported by the organization and its secretary general, Haitham Al Ghais, is the sixth consecutive monthly cut. OPEC now expects global demand to grow by 400,000 barrels per day in 2026, down from 1.4 million barrels per day projected at the beginning of the year. The organization attributed the downgrade to developments in the oil market and weaker-than-expected momentum. Its revised forecast is a projection, not a measure of final full-year consumption. For 2027, OPEC raised its estimate of demand growth, citing the need for governments and energy companies to rebuild petroleum stocks drawn down amid supply disruptions. The organization’s report puts projected growth at 2.55 million barrels per day, with average global demand reaching about 108.3 million barrels per day. The forecast depends in part on additional purchases to replenish inventories; it does not establish how much growth will come from stockbuilding rather than end-use consumption.