The Organization of the Petroleum Exporting Countries (OPEC) predicted in its monthly report for July, published on Monday, that global oil demand will grow by 1.9 million barrels per day (bpd) year-on-year in 2027, AzerNEWS reports.
The group also projected that the 2026 figure will reach 800,000 bpd. In the previous report, the numbers sat at 1.73 million bpd for 2027 and 970,000 bpd for 2026.
The report forecast that demand within the Organization for Economic Co-operation and Development (OECD) will rise by 40,000 bpd in 2026 and 300,000 bpd in 2027. Outside the group, demand was predicted to go up by 740,000 bpd in 2026 and 1.7 million bpd in 2027.