OPEC Raises 2027 Global Oil Demand Forecast to Rebuild Inventories

Key Facts

OPEC expects global oil demand to grow by 2.6 million barrels per day in 2027. According to the organization's projections, total global demand will reach an average of 108.3 million bpd. Reuters reported that this long-term upward revision is driven by the urgent need to rebuild strategic and commercial inventories that were previously depleted.

These projections coincide with data from October 6, 2026, showing a 2.09 million barrel decrease in US API crude oil stocks. Additionally, the EIA weekly report on October 7, 2026, recorded a further decline of 3.186 million barrels, supporting OPEC's assessment that global inventory replenishment is necessary for market stability.