OPEC Keeps Global Oil Demand Projections Unchanged for 2026, 2027
OPEC's February monthly oil market report projects "healthy" worldwide petroleum demand expansion of 1.4 million barrels per day (bpd) year-over-year in 2026, followed by 1.3 million bpd year-over-year growth in 2027—identical to January's estimates.
Organization for Economic Cooperation and Development (OECD) member nations will contribute approximately 150,000 bpd year-over-year demand increases in 2026, while non-OECD economies are projected to drive substantially larger consumption gains of roughly 1.2 million bpd year-over-year.
The report stated "Oil demand growth is expected to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction, and agricultural activities in non-OECD countries,"
Looking toward 2027, OPEC anticipates sustained annual petroleum consumption increases, with developing non-OECD markets absorbing the bulk of worldwide growth, according to the report.
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