The Organization of the Petroleum Exporting Countries increased its projection for global oil demand growth in 2027 on Tuesday, citing the need to replenish stockpiles that were reduced during the Iran war. In a contrasting move, OPEC lowered its outlook for oil demand growth in 2026, according to a report published on OPEC's website on October 13, 2026. This marks the sixth consecutive downward adjustment to the 2026 forecast, indicating persistent weakness in near-term demand expectations.
OPEC also reported a rise in oil production by the broader OPEC+ alliance in September. Saudi Arabia led the production increase, reporting crude oil output of 8.372 million barrels per day in September, representing an increase of more than 2 million barrels per day compared to August production levels. The divergent outlook for 2026 and 2027 reflects OPEC's assessment of global oil market dynamics, with near-term demand pressures contrasting against expectations for stronger consumption in the coming year as strategic reserves are rebuilt following geopolitical disruptions.
Source: Investing.com, October 13, 2026
Source: investing.com