US Energy Information Administration cuts 2027 oil demand forecast
The US Energy Information Administration lowered its forecast for global oil demand growth in 2027 to 2.21 million barrels per day from a previous estimate of 2.39 million, implying total 2027 demand of 104.64 million b/d against 102.43 million this year. It also projected a contraction in global oil demand in 2026, citing the effects of the Iranian war, disruptions in the Strait of Hormuz and higher prices. The agency cut its estimate for non-OPEC supply growth in 2027 to 3.21 million b/d from 3.46 million.
Why it matters: The revisions link oil demand and non-OPEC supply projections directly to Middle East conflict, placing energy markets at the centre of the briefing's coverage.