OPEC lifts 2027 oil demand growth forecast to 2.36 million bpd
AI Market Summary
OPEC's monthly report sharply lifts its 2027 global oil demand growth outlook to 2.36 mbpd (vs 0.38 mbpd this year), driven mainly by non-OECD consumption and a stronger China/India trajectory. The higher implied "call" on OPEC+ crude suggests tighter medium-term balances and supports the forward curve, likely firming crude sentiment and reflation expectations in the near term despite prior 2026 downgrades.
Impact level
● Medium
Affected assets
NCCO1OILWTI2USD/USDT-2.53%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▲ Bullish
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OPEC has raised its forecast for global oil demand growth in 2027 to 2.36 million barrels per day, up from an expected increase of 380,000 bpd this year—more than a sixfold jump. The group now sees total global consumption reaching 108.19 million bpd in 2027. China’s demand is expected to be nearly flat this year, but OPEC projects an increase of 380,000 bpd in 2027 to 17.28 million bpd. India is forecast to add 400,000 bpd next year to 6.11 million bpd, while non-OECD countries together account for about 1.6 million bpd of the increase.
