OPEC MOMR (Nov): 2026 and 2027 demand and supply forecast unchanged from the prior report

World Oil Demand: 2026: Global oil demand is forecast to grow by 0.2mln bpd in 2026, Y/Y, unchanged from last month’s assessment. 2027: Global oil demand in 2027 is forecast to grow by about 2.6mln bpd, Y/Y, unchanged from last month’s assessment. World Oil Supply: 2026: 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. The main drivers of liquids production growth are expected to be Brazil, the US, Canada, and Argentina. 2027: In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, also unchanged from last month’s assessment. This growth will mainly be driven by Qatar, Canada, Brazil, and Argentina. Balance of Supply and Demand: 2026: The demand for DoC crude in 2026 (i.e., crude from countries participating in the DoC) remains unchanged from last month’s assessment at 42.1mln bpd, 0.6mln bpd lower, Y/Y. 2027: The demand for DoC crude in 2027 also remains unchanged from last month’s assessment at 43.9mln bpd, which is about 1.8mln bpd higher, Y/Y. Saudi: Saudi tells OPEC that output surged 26% to a new war-time high.