OPEC updates oil demand forecasts
The Organization of the Petroleum Exporting Countries revised its demand growth projection for 2026 downward, while raising its expectation for 2027.
The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand growth projections within the scope of its published September report.
2026 demand expectation lowered
The organization reduced its global oil demand growth expectation from 380 thousand barrels per day to 180 thousand barrels per day and projected that total demand will hover around these levels.
2027 forecast revised upward
With the update, the global oil demand growth forecast for the year 2027 was raised from 2.36 million barrels per day to 2.55 million barrels per day.
Global economic growth projections maintained
It was reported that no changes were made to the global economic growth forecasts included in OPEC's September report, and the rates were kept constant.
Crude oil production increased in September
In addition to the updates in demand forecasts, it was noted that OPEC's daily crude oil production increased during September.