Projections from OPEC point to a 2.4 mb/d increase in worldwide oil consumption by 2027, with India alongside other Asian economies forecast to account for a substantial share of that added demand. Addressing the International Monetary and Financial Committee at the IMF-World Bank Annual Meetings, OPEC put worldwide oil consumption on a trajectory reaching 108.2 million barrels per day by 2027, up from a forecast of 105.8 million barrels per day the preceding year.

Robust activity across non-OECD economies — with transportation fuels and petrochemical feedstocks at the forefront — was projected to underpin the uptick in consumption, while the statement pointed to India and other Asian markets as the primary engines of oil demand expansion, alongside contributions from China and the Middle East.

Heading into 2026, the organisation's projections put worldwide petroleum consumption on a path to add roughly 0.4 million barrels per day, with that incremental volume traced primarily to expanding needs across Latin America and non-OECD Asia — regions where broader economic momentum, increased personal and commercial movement, rising passenger aviation, and steady private-sector investment are all lending support. Projections put oil consumption across non-OECD nations at roughly 59.7 mb/d for the year, reflecting a rise of approximately 0.5 mb/d over the previous period.

Across OECD member economies, consumption is forecast to shed roughly 110,000 barrels daily on a year-over-year basis, pulling the group's average down to 46.1 mb/d, with both the European and Asia-Pacific regions projected to post outright volume reductions. In wealthier developed-world markets, petroleum consumption is forecast to climb by roughly 0.4 mb/d through 2027, with Europe and the Asia-Pacific region driving that recovery, while across lower-income economies the projected uptick reaches close to 2 mb/d, according to OPEC's outlook.

Projected output from nations outside the Declaration of Cooperation points to a 0.6 mb/d gain in liquids volumes for each of 2026 and 2027. Four nations — Brazil, the United States, Canada, and Argentina — are forecast to anchor expansion heading into 2026, after which Qatar would join Brazil, Canada, and Argentina among the countries tipped to pace output the following year.

Worldwide spending on oil and gas exploration and production is forecast to dip roughly 2 per cent in 2026, bringing total outlays to around USD 613 billion, then recover with a 6 per cent uplift the following year to reach approximately USD 651 billion. Continued upstream investment, the group argued, forms a cornerstone of any credible plan to satisfy projected energy needs while keeping reserve production capacity at adequate levels.

Pointing to durability in worldwide economic momentum, the body put forward growth projections of 3 per cent for the global economy in 2026 and 3.2 per cent in 2027, while India's expansion rate was placed at 6.6 per cent and 6.5 per cent across those same two years.