Outlook for global oil demand growth for FY27 remains extremely vulnerable to geopolitical, macro-economic and policy risks, said Reliance Industries in annual report for FY26. “Global oil demand growth is expected to be sluggish due to higher oil prices and economic slowdown in FY 2026-27 amid Middle East conflict. Refinery and oil infrastructure damages which caused product supply losses are likely to take a longer period to recover, resulting in continual volatility in the market,” the company said.