By Giulia Petroni
The Organization of the Petroleum Exporting Countries expects world oil demand to grow at a steady pace in 2027 in its first outlook for the year.
Demand is forecast to rise by 1.34 million barrels a day next year--slightly below 2026's estimated 1.38 million barrels a day--supported by a faster global economic growth as easing trade tensions, supportive fiscal measures and monetary policy lift activity in major economies, the group said in its closely watched monthly report.
The Vienna-based cartel and its allies are navigating a series of challenges--from growing unrest in Iran and the U.S. capture of Venezuelan leader Nicolas Maduro, to market forecasts of a looming supply glut.
Oil prices rose for a fifth straight session Wednesday, with Brent crude trading at $66 a barrel and West Texas Intermediate above $61 a barrel as investors fear potential U.S. action against Tehran could disrupt global supply.
In December, OPEC crude-oil output rose by 105,000 barrels a day to 28.56 million barrels a day, while total production from OPEC+ members fell by 238,000 barrels a day to 42.83 million barrels a day, dragged lower by a sharp decline in Kazakhstan's output. Venezuelan crude production fell by 60,000 barrels a day to 896,000 barrels a day, the cartel said, citing secondary sources.
The OPEC+ alliance, which pumps about half of the world's oil, has paused production hikes through the end of March. In a sign of further caution, top oil exporter Saudi Arabia--the de-facto leader of the cartel--recently cut the selling price of its flagship crude grade to Asian buyers for the third consecutive month.
Supply from producers outside the wider OPEC+ group is expected to rise by 610,000 barrels a day in 2027, below this year's estimated 630,000 barrels a day, driven by Brazil, Canada, Qatar, and Argentina, OPEC said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
January 14, 2026 10:05 ET (15:05 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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