OPEC expects oil market recovery by 2027

OPEC notes a slowdown in global oil demand growth due to the conflict in the Middle East, but expects that with the recovery of supply, the market will rebalance and demand will begin to grow steadily again, OPEC Secretary-General Haitham Al Ghais said at the St. Petersburg International Economic Forum (SPIEF-2026), Report informs via Interfax.

He recalled that in May, OPEC revised its global oil demand growth estimates for the first time in eight months: the 2026 forecast was lowered by 210,000 barrels per day (bpd), to 1.17 million bpd, and the 2027 forecast was raised by 200,000 bpd, to 1.54 million bpd.

"Although demand is slowing, we haven't yet registered a decline. (...) The supply decline we're seeing is small. It will recover by 2027. We expect demand growth to reach 1.5 million bpd next year," Al Ghais said.