OPEC Lowers 2026 Global Oil Demand Growth Forecast for Third Consecutive Month, June Production Jumps

OPEC has revised down its forecast for world oil demand growth in 2026 by 190,000 barrels per day (bpd) to 780,000 bpd, marking the third consecutive monthly downgrade. This adjustment leaves total projected consumption at 105.94 million bpd, attributed to global economic instability, particularly the US-Iran conflict. Despite the downgrade for 2026, OPEC raised its oil demand growth forecast for 2027 by 210,000 bpd to 1.73 million bpd, expecting total consumption to reach 107.86 million bpd. Separately, OPEC's crude oil production in June saw a significant increase of approximately 3.05 million bpd from the previous month, reaching around 22 million bpd. The United Arab Emirates, Kuwait, and Iraq were the primary contributors to this production surge.