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Global Oil Demand Set to Rise Significantly by 2027
(MENAFN) Global oil consumption is anticipated to expand by roughly 1.3 million barrels per day (bpd) in 2027, according to the Organization of the Petroleum Exporting Countries (OPEC), which made the announcement on Wednesday.
The OECD region is projected to experience a modest increase of 100,000 bpd in the coming year, the organization noted on the US-based social media platform X.
The bulk of this growth is expected to originate from non-OECD nations, which are forecasted to contribute approximately 1.2 million bpd in annual demand expansion, OPEC added.
In a related update, OPEC reported on Wednesday that crude oil output from its member countries climbed by 164,000 bpd in February compared to January 2026, reaching an estimated total of 28.63 million bpd.
The OECD region is projected to experience a modest increase of 100,000 bpd in the coming year, the organization noted on the US-based social media platform X.
The bulk of this growth is expected to originate from non-OECD nations, which are forecasted to contribute approximately 1.2 million bpd in annual demand expansion, OPEC added.
In a related update, OPEC reported on Wednesday that crude oil output from its member countries climbed by 164,000 bpd in February compared to January 2026, reaching an estimated total of 28.63 million bpd.
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