OPEC forecasts ongoing oil demand growth for 2027 in Oil & Companies News 15/01/2026 Crude Oil Price Movements In December, the OPEC Reference Basket (ORB) value dropped by $2.72/b, month-on-month (m-o-m), to average $61.74/b. The ICE Brent front-month contract dropped by $2.03/b, m-o-m, to average $61.63/b in December, and the NYMEX WTI front-month contract dropped by $1.61/b, m-o-m, to average $57.87/b. The GME Oman front-month contract dropped by $2.57/b, m-o-m, to average $61.96/b. The Brent–WTI front-month spread dropped by $0.42/b, m-o-m, to average $3.76/b in December. The forward curves of all major crude benchmarks remained in backwardation in December, signalling supportive physical crude market fundamentals and a positive short-term global supply–demand outlook. This is despite persistent selling pressure in futures markets. The forward curves for ICE Brent and GME Oman flattened further in December, m-o-m, while the backwardation in NYMEX WTI strengthened slightly. World Economy Global economic growth is forecast at 3.1% in 2026, unchanged from last month’s assessment. This steady expansion is expected to accelerate further in 2027 to reach 3.2%. This positive outlook is underpinned by normalization in global trade, fiscal support measures, and ongoing adjustments to monetary policies in major economies. For the US, the economic growth forecast remains at 2.1% for 2026, while for 2027, it is forecast at 2%. In the Eurozone, the economic growth forecast remains at 1.2% for 2026, with similar growth forecast for 2027. Japan’s economic growth forecast remains at 0.9% for 2026, with similar growth forecast for 2027. China’s economic growth forecast remains unchanged at 4.5% for 2026, and similar growth is forecast for 2027. India’s economic growth forecast remains at 6.6% for 2026, while for 2027, it is forecast at 6.5%. Brazil’s economic growth forecast remains at 2.0% for 2026, and rising to 2.2% in 2027. Russia’s economic growth forecast is revised down slightly to 1.3% for 2026, but is forecast to gain traction in 2027, reaching 1.5%. World Oil Demand The global oil demand growth forecast for 2026 remains at 1.4 mb/d, y-o-y, unchanged from last month’s assessment. The OECD is forecast to grow by 0.15 mb/d, while the non-OECD is forecast to grow by around 1.2 mb/d. In 2027, global oil demand is forecast to grow by about 1.3 mb/d, y-o-y. The OECD is forecast to grow by 0.1 mb/d next year, while the non-OECD is forecast to grow by around 1.2 mb/d, y-o-y. World Oil Supply Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) in 2026 is forecast to grow by about 0.6 mb/d, y-o-y, unchanged from last month’s assessment, with Brazil, Canada, the US, and Argentina as the main growth drivers. In 2027, non-DoC liquids production is also forecast to grow by 0.6 mb/d, 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 a similar increase in 2027 of about 0.1 mb/d, y-o-y, to average about 8.9 mb/d. Crude oil production by countries participating in the DoC decreased by 238 tb/d in December, m-o-m, to average about 42.83 mb/d, according to available secondary sources. Product Markets and Refining Operations Following a sharp upward trend registered in the most recent months, refining margi