The Organization of the Petroleum Exporting Countries reduced its estimate for global oil demand growth in 2026 to 380,000 barrels per day in its latest monthly report.
The change represents OPEC’s fifth consecutive monthly reduction to its 2026 demand growth projection.
OPEC continues to forecast higher oil consumption than the International Energy Agency. The IEA expects global oil demand to decline in 2026, citing a greater impact from the Iran war on consumption patterns.
OPEC’s report also raised the producer group’s forecast for global oil demand growth in 2027.
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