OPEC Maintains Forecast for Growth in Global Oil Demand in 2026 and 2027

The Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for growth in global oil demand in 2026. The cartel expects consumption to increase by 180,000 barrels per day, to 105.72 million barrels per day, according to OPEC's monthly report, a copy of which is available to Reuters.

In 2027, OPEC still expects demand to grow by another 2.55 million barrels per day compared with 2026, to 108.28 million barrels per day. Last year, global oil demand stood at 105.54 million barrels per day.

Since the beginning of this year, OPEC analysts have nearly eightfold reduced their estimate of global demand growth. Initially, they expected it to increase by 1.4 million barrels per day, and the revision within the cartel was linked to ongoing military conflicts, including in Iran.

According to the report, in October 2026 OPEC countries increased production by 1.965 million barrels per day, to 27.164 million barrels per day. OPEC+ production rose by 2.035 million barrels per day, to 41.230 million barrels per day.

For comparison, last year OPEC produced 27.628 million barrels per day, while OPEC+ produced 41.975 million barrels per day. Russia increased production in October by 41,000 barrels per day, to 8.668 million barrels per day; for the third quarter, the figure stood at 8.722 million barrels per day, and for last year it was 9.129 million barrels per day. OPEC notes that drone attacks on Russia's energy infrastructure are negatively affecting the country's production of raw materials.

Sources

• Material: ru.themoscowtimes.com