OPEC Cuts 2026 Global Oil Demand Growth Forecast for Third Straight Month

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth in 2026 to 780,000 barrels per day (bbl/d), marking the third consecutive downward revision from its previous estimate of 970,000 bbl/d. Conversely, OPEC raised its forecast for 2027, anticipating an increase of 1.94 million barrels per day (mmbbl/d), citing expectations of stronger global economic performance. The report also highlighted that the closure of the Strait of Hormuz prevented OPEC+ from increasing output to agreed quota levels, despite an interim peace agreement between Iran and the United States.