Global oil demand to grow 1.3M barrels per day next year, OPEC forecasts

Global oil demand is projected to increase by approximately 1.3 million barrels per day (bpd) in 2027, the Organization of the Petroleum Exporting Countries (OPEC) stated on Wednesday.

The OECD region is forecast to see a growth of 100,000 bpd next year, the organization said on the US-based social media platform X.

The non-OECD countries are expected to drive the majority of the increase with a growth of around 1.2 million bpd year-on-year, it added.

According to OPEC's previous statement on Wednesday, crude oil production by the OPEC region rose by 164,000 bpd in February compared to January 2026, reaching around 28.63 million bpd.