OPEC Crude Output Surges Amid Slowing Global Demand
OPEC's latest monthly report reveals an increase in crude oil output for the organization's member countries. The 12-nation group saw a collective boost of 3051 kb/d from May to June 2026, with significant increases coming from the UAE (1642 kb/d), Kuwait (880 kb/d), Iraq (446 kb/d), and Iran (155 kb/d). This trend follows a global decrease in demand for crude oil, which dropped by 4.87 kb/d or about 6% from 81.26 kb/d in 2Q2025 to 76.39 kb/d in 2Q2026.
The forecast for world demand for liquid fuel has been revised downward, with a reduction of 400 kb/d in the July report compared to the previous month's estimate. The outlook for 2027 remains unchanged, however. These developments come as the global energy landscape continues to evolve, with OPEC nations adjusting their production levels to meet shifting demand.