The Organization of the Petroleum Exporting Countries expects global oil demand to keep rising at a steady pace in 2027, according to its first detailed outlook for the year.
OPEC projects world oil consumption will grow by 1.3 million barrels a day in 2027, slightly below current growth, bringing total demand to 107.9 million barrels a day, Bloomberg News reported.
The group estimates that demand growth will be roughly double the pace of supply growth from non-OPEC producers, suggesting oil markets could tighten unless OPEC+ continues to bring back halted production.
However, OPEC’s demand forecasts have been overly optimistic in the past. In 2024, the group cut its projections sharply after repeated downgrades, and earlier predictions of large inventory shortages failed to materialize.
Last year, major OPEC+ producers led by Saudi Arabia surprised markets by reviving output despite rising supplies from the Americas. The alliance has since agreed to pause production increases in the first quarter and will reassess plans month by month.
The report also showed OPEC+ production fell by 238,000 barrels a day in December to 42.83 million barrels a day, largely due to output losses in Kazakhstan following attacks on a key export terminal.
For now, OPEC’s outlook points to continued demand growth, but the balance between supply decisions and market realities remains a key uncertainty for oil prices heading into 2027.
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