OPEC Lowers 2026 Oil Demand Growth Projection Again

OPEC has reduced its 2026 oil demand growth forecast for the third consecutive month, now anticipating a 780,000 barrels per day increase, reflecting weaker global consumption expectations. Despite this downgrade, global crude output from OPEC and its allies rose in June, reaching 36.28 million bpd as Gulf Arab members increased production. Lingering supply risks in the Middle East continue to influence crude prices, even with the revised demand outlook.