OPEC Cuts 2026 Oil Demand Growth Outlook and Raises 2027 Forecast

OPEC lowered its forecast for world oil demand growth in 2026 and raised its 2027 outlook in its October Monthly Oil Market Report. It now projects growth of about 180,000 barrels per day in 2026 and 2.55 million in 2027. Total world demand is forecast at 105.72 million barrels per day this year and 108.28 million next year. For the Middle East, the report projects demand of 8.75 million barrels per day in 2026, rising to 9.09 million in 2027. OPEC cautions that totals may differ because of independent rounding.