The expected 2027 surge is driven largely by the restocking of oil reserves depleted during the Iran war. On the supply side, OPEC+ crude production increased by 900,000 bpd in September to reach 39.07 million bpd, bolstered by a production jump in Saudi Arabia to 8.37 million bpd from 6.24 million in August. These revisions follow a separate cut to this year's growth forecast to 400,000 bpd.
Tuesday, October 20, 2026
Story
OPEC Raises 2027 Oil Demand Growth Forecast to 2.55 Million BPD
Commodities7 days ago
Global oil demand growth for 2026 is projected to drop to 180,000 barrels per day from a prior estimate of 380,000 bpd in OPEC's October monthly report. The organization simultaneously increased its growth outlook for 2027 to 2.55 million bpd from 2.36 million bpd, which would lift total demand to 108.3 million bpd.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.