Reference News Network, January 16 report. According to AFP, on January 14, the Organization of Petroleum Exporting Countries (OPEC) pointed out in a monthly report that although the easing of global trade tensions is expected to drive economic growth to accelerate, oil demand growth in 2027 is expected to be weaker than in 2026.
OPEC stated in its latest monthly outlook report that, based on current economic conditions, global oil demand growth is expected to slow from 1.4 million barrels per day in 2026 to 1.3 million barrels per day in 2027, with the forecast for 2026 remaining unchanged from last month.
OPEC further predicts that global oil demand will increase to 107.9 million barrels per day in 2027. OPEC expects the global economic growth rate to rise to 3.2% in 2027, compared to 3.1% in 2026. This positive outlook is mainly based on the expectation that the tariff war launched by the Trump administration last year against major U.S. trading partners will ease.
The report also mentioned monetary policy "adjustments" in major economies and fiscal measures promoting economic growth.
Regardless of 2026 or 2027, global oil demand growth will again be led by non-OECD countries, with India, China, and the Middle East region becoming the main drivers.
OPEC's estimates differ from those of the International Energy Agency. The latter took a more cautious stance in its December report, forecasting a global oil consumption increase of only 860,000 barrels per day in 2026.
OPEC did not mention the potential impact of U.S. intervention in Venezuela's political situation on global oil production in the coming years in its report. (Translated by Liu Zhuo)
Original: toutiao.com/article/7595907515368456750/
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