(Jan 14): Opec’s first detailed assessment of 2027 projects that global oil demand will continue to increase at a steady pace. World oil consumption will grow by 1.3 million barrels a day in 2027 — fractionally lower than this year — and average 107.9 million barrels a day, according to a report from Opec’s secretariat seen by Bloomberg News. However, demand estimates from the Organization of the Petroleum Exporting Countries have proven excessively bullish side in the past. In 2024, Opec slashed demand projections by 32% over the course of six monthly downgrades. The country’s output fell by 237,000 barrels a day to 1.52 million a day, amid attacks on the key export terminal for Kazakh crude.

Source: The Edge Markets January 14, 2026 13:56 UTC