Global oil demand is expected to keep climbing into 2027, according to OPEC’s first outlook for the year, signaling a more resilient energy market than many analysts had forecast, The Wall Street Journal writes.
The cartel projects worldwide consumption will rise by 1.34 million barrels a day next year, only slightly below the estimated growth of 1.38 million barrels a day in 2026.
While demand growth is slowing modestly, supply dynamics remain complex. OPEC anticipates production outside the broader OPEC+ alliance will increase by 610,000 barrels a day in 2027, led by Brazil, Canada, Qatar and Argentina, a marginal dip from this year’s expected gains.
In the near term, December numbers highlight ongoing volatility. OPEC crude output rose by 105,000 barrels a day to 28.56 million barrels a day, even as total OPEC+ production fell by 238,000 barrels a day, largely due to a sharp drop in Kazakhstan’s output.
