TREE NEWS reports: OPEC raised its forecast for global oil demand growth in 2027 to 2.36 million barrels per day from a previous 2.16 million bpd, while cutting its 2026 demand growth projection to 380,000 bpd from 580,000 bpd. OPEC+ crude output, including former member UAE, averaged 38.05 million bpd in August, up about 300,000 bpd from July.
OPEC Raises 2027 Oil Demand Growth Forecast to 2.36M bpd, Cuts 2026 View
AI take
OPEC's revisions shift the demand story further out rather than resolving it: a deeper 2026 cut paired with a higher 2027 number suggests the near-term picture is softening while longer-term balances are still expected to tighten. The simultaneous rise in OPEC+ output adds supply into that weaker near-term window, which is the tension worth noting. Whether the 2027 upgrade holds or gets revised again as the 2026 downgrade works through is the open question.
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