OPEC’s latest monthly assessment outlines a constructive global macroeconomic and energy outlook for 2027, with world economic growth forecast to accelerate modestly to 3.2%, supported by steady expansion across both advanced and developing economies. The US is expected to provide strong momentum among OECD countries, complemented by stable growth in the Eurozone and Japan, while China, India and other developing Asian economies continue to anchor non-OECD growth, alongside steady contributions from Brazil and Russia. As inflation further normalises and monetary policy adjustments gain traction, global trade is anticipated to strengthen, reinforcing economic activity. Within this supportive backdrop, global oil demand is projected to rise by a healthy 1.3 mb/d year-on-year, overwhelmingly driven by non-OECD regions, which are set to add around 1.2 mb/d, while OECD demand growth remains modest and concentrated mainly in the Americas. On a product basis, transportation fuels lead demand gains, with expanding air travel, rising road mobility, robust trucking activity and new petrochemical capacity—particularly in China and the Middle East—underscoring a structurally resilient and diversified oil demand outlook.
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