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OPEC Monthly Report: Global oil demand growth forecast cut to 180,000 barrels per day for 2026, raised for 2027.
The Organization of the Petroleum Exporting Countries (OPEC) on October 13 released its monthly report, showing that OPEC has lowered its 2026 global oil demand growth forecast for the sixth consecutive month to 180,000 barrels per day, reflecting the ongoing impact of the Middle East conflict on oil demand for that year. Meanwhile, OPEC raised its 2027 demand growth forecast, expecting global oil demand to reach 108.3 million barrels per day, an increase of 2.55 million barrels year-on-year, believing that inventory replenishment demand next year is expected to support oil consumption growth.
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