World News
OPEC Trims 2026 Oil Demand Growth Forecast, Raises 2027 Outlook
OPEC projects global oil demand to grow by 380,000 b/d in 2026, down from the 600,000 b/d growth projected in August
Total global oil demand is expected to average about 105.8 million b/d this year, it said in the September Monthly Oil Market report released this week.
Demand in OECD countries is forecast to decline by around 110,000 b/d in 2026, while non-OECD consumption is expected to increase by about 490,000 b/d.
For 2027, OPEC raised its global oil demand growth forecast to 2.4 million b/d, compared with 2.2 million b/d projected in its August report.
Non-OECD countries are expected to account for the bulk of next year's increase, with demand rising by around 2 million b/d, while OECD consumption is forecast to grow by around 400,000 b/d.
OPEC expects transportation fuels to be the main driver of demand growth, followed by petrochemical feedstocks, particularly as new capacity comes online in China.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 854.00 | 11.50 | 1278.50 | 11.00 |
| Rotterdam | 681.00 | 5.50 | 1400.00 | 10.00 |
| Houston | 725.50 | 15.00 | 1364.50 | 23.50 |
| Fujairah | 944.50 | 19.00 | 1675.50 | 9.00 |
| Global 20 Ports Average | 860.50 | 15.50 | 1522.00 | 1.50 |
| Global 4 Ports Average | 801.00 | 13.00 | 1429.50 | 4.00 |
| Global Average Bunker Price | 922.00 | 13.00 | 1596.50 | 2.50 |
Popular Now More
-
Sep 29Shipergy brand and traders to stay within the enlarged group, while co-founder Daniel Rose leaves trading. -
Sep 30An LNG tanker and two other tankers were reportedly struck by unknown projectiles in the Strait of Hormuz. -
Oct 01Simulators that do not match the plant and instructors who cannot explain it are producing engineers with certificates but not competence, writes Danica's Henrik Jensen.