OPEC raised its 2027 world oil demand growth forecast, saying inventories depleted by the Iran war need rebuilding. It cut its 2026 demand growth forecast for the sixth straight time, while OPEC+ output jumped in September, led by Saudi Arabia.
OPEC raised its forecast for world oil demand growth in 2027 on Tuesday, citing the need to rebuild inventories that the Iran war depleted. The increase appears in the group's monthly report, a copy of which Reuters saw.
However, the Organization of the Petroleum Exporting Countries also lowered its forecast for 2026 oil demand growth, according to the report, marking the sixth straight downward revision.
Meanwhile, supply climbed. OPEC reported a jump in oil production by the wider OPEC+ producer group in September, led by Saudi Arabia.
The top OPEC producer told the group that it pumped 8.372 million barrels per day of crude in September, up more than 2 million bpd from August.
Source: Investing.com
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