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Commodity News Details
Commodities Buzz: OPEC sees firm oil demand, steady supply growth into 2027
12-Feb-2026 12:03
OPEC said global oil demand growth for 2026 remains unchanged at 1.4 mb/d year-on-year, with OECD demand rising modestly by 0.15 mb/d and non-OECD demand driving the bulk of growth at around 1.2 mb/d. In 2027, global oil demand is seen increasing by about 1.3 mb/d, also unchanged, led again by strong non-OECD consumption. On the supply side, non-DoC liquids production is forecast to rise by about 0.6 mb/d in both 2026 and 2027, supported mainly by output gains from Brazil, Canada, the US, Argentina, and Qatar. Meanwhile, NGLs and non-conventional liquids from DoC countries are expected to see limited growth of 0.1 mb/d annually, while crude output from DoC participants fell by 439 tb/d month-on-month in January.

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