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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Vienna, January 14 (Xinhua) — Global oil demand is estimated to reach 107.86 million barrels per day (bpd) in 2027, up from 2026, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday.
In its monthly oil market report, OPEC forecasts that demand growth in 2027 will be at a “healthy” level, around 1.3 million b/d, compared with 2026.
In particular, demand for oil in the Organisation for Economic Co-operation and Development (OECD) member countries is expected to increase by 100,000 bpd year-on-year, while in non-OECD countries it is expected to increase by approximately 1.2 million bpd, mainly due to China, India and other Asian countries.
Global oil demand is forecast to reach 106.52 million bpd in 2026. Compared to 2025, projected demand growth in 2026 remains unchanged at 1.4 million bpd, unchanged from last month's estimate.
The lion's share of the growth is coming from non-OECD countries. "Oil demand growth is expected to be supported by strong air travel and healthy road mobility, including diesel and truck use, as well as healthy activity in manufacturing, construction, and agriculture," the report states.
In 2026, OPEC forecasts global economic growth at 3.1 percent, in line with its previous estimate.
In 2027, the world is expected to experience faster economic growth, reaching 3.2 percent. “This positive outlook is supported by the normalization of global trade, fiscal support measures, and the ongoing adjustment of monetary policy in major economies,” the OPEC report said. –0–
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