On Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) announced an upward revision to its forecast for world oil demand growth in 2027. The agency said the increase reflects a need for the global market to rebuild inventories that were drawn down during the recent Iran war.
2026 demand outlook lowered
At the same time, OPEC lowered its estimate for oil demand growth in 2026, marking the sixth straight downward adjustment. The agency did not provide a specific percentage change, but the trend indicates a more cautious near‑term outlook.
Production gains from OPEC+
OPEC also reported a significant rise in crude output from the broader OPEC+ producer group in September. Saudi Arabia, the alliance’s largest producer, disclosed that it pumped 8.372 million barrels per day in September, an increase of more than 2 million barrels per day from August’s level.
The higher production figures and the revised demand outlook suggest that the oil market is moving toward a balance after a period of volatility caused by geopolitical tensions. Analysts will watch upcoming monthly reports to see whether the demand recovery continues and how OPEC+ members adjust output to match market needs.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
