Oil Prices Steady Amid Lower Demand Projections
Oil prices have steadied in volatile trading on Wednesday after forecasters cut their projections for global oil demand. The Organisation of the Petroleum Exporting Countries (OPEC) lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day.
The International Energy Agency (IEA) also slashed its 2026 demand projections and now expects a 1.6 million bpd contraction this year. However, the IEA is predicting a 4.3 million bpd drop in supply this year, and an overall 2026 deficit of around 1.27 million bpd.
Anas Alhajji, managing partner at Energy Outlook Advisors, said that demand has declined significantly, but cautioned that demand figures include inventory changes and may therefore differ from actual consumption at any given time.