OPEC MOMR (Mar): 2026 world oil demand forecast remains at 1.4mln BPD (unchanged from the Feb MOMR), 2027 world oil demand forecast remains at 1.3mln BPD (unchanged from the Feb MOMR)

Demand:

• The global oil demand growth forecast for 2026 remains at a healthy 1.4 mb/d, y-o-y, unchanged from last month’s assessment.
• In 2027, global oil demand is forecast to grow by about 1.3 mb/d, y-o-y, unchanged from last month’s assessment.

Supply:

• Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026, unchanged from last month’s assessment, mainly driven by Brazil, Canada, the US, and Argentina.
• In 2027, non-DoC liquids production is also forecast to grow by about 0.6 mb/d, unchanged from last month’s assessment, mainly driven by Brazil, Canada, Qatar, and Argentina. Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2026, to average about 8.8 mb/d, followed by similar growth in 2027 of about 0.1 mb/d, y-o-y, to average about 8.9 mb/d.

Geopolitics:

• Ongoing geopolitical developments warrant close monitoring, although their impact, if any, on the growth forecast may be too early to determine.