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Oil Prices Stabilize Amid US-Iran Talks Impasse and Lower Demand Projections

Guavy AI Editorial Team
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Oil
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Oil prices remained steady on Wednesday after fluctuations in volatile trading, as investors weighed lower demand against the deadlock in US-Iran talks.

The Organisation of Petroleum Exporting Countries (OPEC) reduced its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its monthly report.

Meanwhile, the International Energy Agency cut its 2026 demand projections and now expects a contraction of 1.6 million bpd this year.

Anas Alhajji, managing partner at Energy Outlook Advisors, said that 'demand has declined significantly', but cautioned that figures include inventory changes and may differ from actual consumption.

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