OPEC cuts 2026 global oil demand growth forecast, raises 2027 outlook

MOSCOW, May 13. /TASS/. OPEC has lowered its forecast for global oil demand growth in 2026 by 200,000 barrels per day (bpd) to 1.2 mln bpd, compared with the previously expected increase of 1.4 mln bpd, according to the organization’s report. Thus, according to OPEC’s forecast, global oil consumption this year could amount to 106.33 mln bpd. At the same time, the organization raised its demand growth forecast for 2027 by 160,000 bpd and now expects it to increase by 1.5 mln bpd to 107.87 mln bpd. OPEC also lowered its forecast for oil demand growth from OPEC+ countries in 2026 by 0.2 mln bpd to 42.7 mln bpd. This is approximately 0.4 mln bpd higher than the 2025 level. In 2027, demand is expected to total around 43.6 mln bpd. The organization maintained its forecast for oil supply growth from non-OPEC+ countries in 2026 at 0.6 mln bpd to 54.83 mln bpd, according to the report. Compared with 2025, the figure is expected to rise by 0.6 mln bpd. The main contribution to production growth will come from the United States, Canada, Brazil, and Argentina. In 2027, liquid hydrocarbon production in countries outside OPEC+ is also expected to increase by 0.6 mln bpd to 55.45 mln bpd, driven by Qatar, Brazil, Canada, and Argentina.