OPEC Raises 2027 Global Oil Demand Forecast to Rebuild Inventories

Key Facts

OPEC raised its 2027 global oil demand outlook, citing the necessity to rebuild strategic and commercial inventories. Reuters reported that the organization upwardly revised its long-term projections based on the anticipated need for global inventory replenishment following periods of depletion.

This revision follows recent data from October 6, 2026, which showed a decrease in US API crude oil stocks by 2.09 million barrels. Furthermore, the EIA weekly petroleum report on October 7, 2026, recorded a further decline of 3.186 million barrels, supporting the organization's assessment that global stocks require significant rebuilding to maintain market stability in the coming years.