OPEC Cuts Oil Demand Growth Forecast for 2026, Adjusts Other Years

The Organization of the Petroleum Exporting Countries (OPEC), in its latest report this month, announced a reduction in its global oil demand growth forecast for the current year, now projecting growth to be 970,000 barrels per day. The report's data indicates that 2026 demand growth will also reach 970,000 barrels per day, a drop of 200,000 barrels per day from May's 1.17 million bpd forecast. OPEC anticipates total global demand to hit 106.13 million barrels per day this year. Conversely, global oil demand growth estimates for the coming year were revised upwards to 1.73 million barrels per day, an increase from the previous 1.54 million bpd projection. For 2027, the organization kept its global demand forecasts largely unchanged from its last report, maintaining it at approximately 107.86 million barrels per day. OPEC still believes the impact of regional conflicts on consumption is less than assessed by other bodies, such as the U.S. Energy Information Administration and the International Energy Agency, both foreseeing a demand decrease in 2026.