OPEC reduced its 2026 global oil demand growth forecast to 780,000 barrels per day, marking the third consecutive monthly cut.
OPEC has again revised downward its 2026 global oil demand growth forecast, cutting expectations by 190,000 barrels per day to 780,000 bpd. This marks the third straight month of reductions in the producer group’s outlook, despite a rebound in crude production across the Gulf and easing tensions in the Strait of Hormuz.
The latest forecast remains more optimistic than projections from other agencies, including the International Energy Agency. OPEC’s report also adjusted its near-term demand estimates, reflecting persistent concerns over economic growth and energy consumption trends.
Markets have yet to react significantly to the revised forecast, as traders weigh OPEC’s bullish stance against broader macroeconomic uncertainties.