OPEC Raises 2027 Oil Demand Forecast, Lowers 2026 Outlook Amid Inventory Rebuild Needs and Production Increase

OPEC has increased its forecast for world oil demand growth in 2027, citing the necessity to rebuild global inventories depleted by the Iran war. Conversely, the organization lowered its 2026 oil demand growth forecast for the sixth consecutive revision. The latest monthly report also indicated a significant jump in oil production by the wider OPEC+ producer group in September, with Saudi Arabia leading the increase. OPEC+ ministers also emphasized the critical importance of safeguarding international maritime routes to ensure uninterrupted energy flows, noting that current disruptions have elevated shipping and insurance costs, contributing to global inflationary pressures.