OPEC maintains global oil demand growth forecasts for 2026 and 2027

OPEC has maintained its forecasts for global oil demand growth for 2026 and 2027, according to its November report. The organization expects demand to rise by 200,000 barrels per day in 2026. For 2027, demand is projected to increase by 2.6 million barrels per day, reaching a total of 108.28 million barrels per day.

Regarding global economic growth, OPEC raised its 2026 forecast to 3.1%, up from 3% in its previous report, while keeping its 2027 projection unchanged at 3.2%.

Secondary sources cited by OPEC showed that the average daily oil production of OPEC+ countries rose by 2.035 million barrels per day in October, reaching 41.230 million barrels per day, compared to 39.195 million barrels per day in September, according to Asharq Bloomberg.

Saudi Arabia reported to OPEC that it increased its oil production in October by about 1.215 million barrels per day, bringing its total output to 9.203 million barrels per day.