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OPEC raises 2027 oil demand view, citing need to rebuild stocks
- On Tuesday, OPEC lowered its 2026 oil demand growth forecast to 400,000 barrels per day, marking the sixth straight downward revision for the year.
- Heightened hostilities in the Middle East and Russia prompted the revision, as the Iran war depletes global inventories according to the report on the website of The Organization.
- The International Energy Agency reported global demand will decline by 2.5 million barrels per day this year, citing a "continuing impasse in negotiations between the United States and Iran."
- Citing the need to rebuild inventories depleted by the Iran war, OPEC raised its 2027 world oil demand growth forecast on Tuesday.
- Approximately 325 million barrels of oil have been released under the March 2026 Collective Action, with 100 million more set for release as The IEA stands ready to provide further supplies.
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OPEC raises 2027 oil demand view, citing need to rebuild stocks
·London, United Kingdom
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The production of liquid hydrocarbons by non-OPEC+ countries will increase by 640,000 barrels per day (b/s) by 2025, to 54.84 million b/s, forecast by OPEC in 2026.
The oil cartel OPEC lowers its forecast for growth in global oil demand in 2026, but raises the forecast for 2027. This is clear from the October report.
On Tuesday, the Organization of Petroleum Exporting Countries (OPEC) expected global oil demand to rise to 108.3 million barrels per day in 2027, compared with 105.7 million barrels per day in 2026, with projected growth accelerating to 2.6 million barrels per day, compared to 200,000 barrels per day during the current year.
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Total News Sources19
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
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