Global oil production could reach 106 million barrels per day in 2027
By the AFREEQUE newsroom, based on Defimedia
The World Bank forecasts global oil production of 106 million barrels per day in 2027, which could create a surplus from the second quarter. Supply is expected to fall by 5.5 million barrels per day in 2026, while demand is projected to grow by about 2%, according to its commodities report.
Global oil production could reach 106 million barrels per day in 2027, bringing the market back to a substantial surplus in the second quarter, according to the World Bank’s forecasts in its Commodity Markets Outlook report. This outlook depends on there being no further lasting damage to oil infrastructure.
Global supply is expected to fall by 5.5 million barrels per day in 2026, or 5.2%. Excluding the global recession of 2020, this would be the steepest decline in more than four decades. Expected production increases in the United States, Canada and Latin America would offset only part of the losses in the Middle East. Demand is expected to grow by about 2% in 2027, driven by the recovery of activities that consume large amounts of oil.
In Mauritius, the potential effect of these forecasts on prices remains uncertain, said Bhim Sunnassee, president of the Petrol Retailers Association. Mauritius’s State Trading Corporation sources petroleum products from Indian suppliers, among others, and prices will depend on several international factors, he explained.
The World Bank also forecasts an average 10% rise in staple food prices in 2026, followed by 7% in 2027. El Niño could reduce harvests and the availability of several products. On 28 October, the institution also published a forecast of rising food prices in its commodities report.
