The Paris-headquartered agency has revised its global oil consumption forecast for 2027 downward to 105 million barrels per day, a decrease from the previous projection of 105.7 million barrels daily. Simultaneously, the outlook for 2026 has been adjusted to 102.4 million barrels per day, falling from the earlier estimate of 103.3 million barrels.

According to the latest monthly report, the agency anticipates a year-on-year growth of 2.5% in global oil demand for 2027, translating to an incremental increase of approximately 2.56 million barrels per day. The detailed projections place 2027 demand at 105.006 million barrels daily, while 2026 and 2025 figures stand at 102.447 million and 104.948 million barrels per day, respectively.

Supply expectations have also seen adjustments, with the non-OPEC production forecast for 2027 being pared back to 79 million barrels per day from the initial 79.2 million. Consequently, the call on OPEC crude for 2027 has been reduced to 21.5 million barrels daily, down from 21.7 million, with the 2026 figure similarly trimmed to 22.4 million barrels per day from 22.7 million.

In related market data, OPEC's crude output in August saw a month-on-month decline of 156,000 barrels per day, settling at 19.56 million barrels daily. These revised figures are based on the agency's detailed tables, which retain data to one decimal place for precision.