OPEC forecasts higher global oil demand in 2027
Global oil demand in 2027 is set to expand by a healthy 1.3 mb/d year on year to reach 107.86 mb/d, supported by continued economic activity in non-OECD countries, the Organization of the Petroleum Exporting Countries (OPEC) said in its first look at the oil market for next year.
The 2027 forecast is in line with the OPEC view that oil demand will rise at a relatively robust rate. OPEC also said in its monthly oil market report that global oil data indicates a near balance between supply and demand in 2026 rather than a supply glut.
On a regional basis, OECD oil demand is forecast to expand by around 0.1 mb/d, y-o-y, driven mostly by OECD Americas, with some support from OECD Europe, OPEC said.
For non-DoC (Declaration of Cooperation) countries, liquids supply in 2027 is forecast to expand by about 0.6 mb/d, y-o-y, underpinned by planned developments and projected upstream capital commitments. Upstream oil investment in non- DoC countries in 2027 is expected at around $284 billion, slightly higher than the spending anticipated for 2026, it said.
Trump backs Venezuela to stay in OPEC
“This 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,” the report said.
The forecast follows OPEC’s estimate that the global economy in 2027 is forecast to see continued robust growth of 3.2%, supported by a steady expansion in the major economies. This is slightly higher than the 2026 economic growth forecast of 3.1%.
US President Donald Trump said on Wednesday that he believes it would be better for Venezuela to remain in OPEC. “Well, I think it’s better for them if they do it,” Trump told Reuters in an interview when asked if the administration supports Venezuela remaining in the group.
Venezuela is a founding member of OPEC and sits on some of the world’s largest crude reserves. The US has sought to assert control over Venezuela’s oil supply after it ousted President Nicolás Maduro earlier this month.
