Logo ofOPEC
OPEC lowered its forecast for global oil demand growth this year, but raised its estimate for 2027, according to its latest report released today, Oct. 13. 
In its monthly report, OPEC forecast global oil demand growth of 200,000 barrels per day (bpd) in 2026, slightly below last month’s estimate.
It slightly raised the 2027 demand growth forecast to 2.6 million bpd, supported by demand growth of around 500,000 bpd from the Organisation for Economic Co-operation and Development (OECD).
On the supply side, OPEC maintained its forecast for oil production growth in countries outside the OPEC+ alliance at 600,000 bpd in 2026, supported by output from Brazil, Argentina, the US and Canada.
Logo ofOPEC
OPEC lowered its forecast for global oil demand growth this year, but raised its estimate for 2027, according to its latest report released today, Oct. 13.
In its monthly report, OPEC forecast global oil demand growth of 200,000 barrels per day (bpd) in 2026, slightly below last month’s estimate.
It slightly raised the 2027 demand growth forecast to 2.6 million bpd, supported by demand growth of around 500,000 bpd from the Organisation for Economic Co-operation and Development (OECD).
On the supply side, OPEC maintained its forecast for oil production growth in countries outside the OPEC+ alliance at 600,000 bpd in 2026, supported by output from Brazil, Argentina, the US and Canada.
