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Energy · November 11, 2026 · 2 min read

OPEC holds demand-growth outlook as participating-country crude output rebounds

By Econ Data Tools Editorial Team

Published November 11, 2026 • Updated November 11, 2026

The November report keeps demand growth at 0.2 million barrels a day for 2026 and about 2.6 million for 2027. Secondary sources put October cooperation-group crude output at about 41.23 million barrels a day.

OPEC kept its global oil-demand growth forecasts unchanged in the November 2026 Monthly Oil Market Report dated November 11. The report's oil-market highlights put annual demand growth at 0.2 million barrels a day in 2026 and about 2.6 million barrels a day in 2027. These are forecasts for changes in consumption, not current production levels or completed annual outcomes. The 2026 outlook combines an expected decline of about 0.2 million barrels a day in OECD demand with growth of about 0.4 million barrels a day outside the OECD. For 2027, OPEC forecasts growth of about 0.5 million barrels a day in the OECD and about 2 million barrels a day outside it. The component figures are rounded and should not be treated as exact unrounded totals. On supply, OPEC says October crude production by countries participating in the Declaration of Cooperation increased by about 2.04 million barrels a day from September, reaching about 41.23 million barrels a day. The figures are attributed to available secondary sources. They cover the participating-country group, not OPEC members alone, and describe crude oil rather than every type of petroleum liquid. The report separately forecasts liquids production from countries outside that cooperation group to grow by about 0.6 million barrels a day in each of 2026 and 2027. It identifies Brazil, the United States, Canada and Argentina as the main expected growth drivers in 2026, with Qatar, Canada, Brazil and Argentina leading the 2027 increase. These supply forecasts should not be confused with the October monthly crude-output comparison. OPEC revised its global economic growth forecast slightly higher to 3.1% for 2026 while leaving the 2027 forecast at 3.2%. That is the organization's economic assessment, not a newly released worldwide GDP measurement. The unchanged oil-demand forecast and revised economic forecast refer to different measures and do not imply that oil consumption follows GDP one for one. The November report therefore pairs unchanged demand-growth forecasts with a reported rebound in participating-country crude output during October. It does not by itself establish how a particular intraday futures price moved, whether household fuel bills will fall, or what a central bank will decide. The production estimates and forward-looking consumption figures remain subject to later data and revisions.

Sources

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