OPEC Cuts 2026 Oil Demand Growth Forecast to 580k Barrels

OPEC has once again lowered its forecast for global oil demand growth in 2026. The latest revision marks the fourth consecutive downward adjustment, with the organization now predicting a growth rate of 580,000 barrels per day. This lower projection contrasts with other forecasts from the International Energy Agency, which expects a decline in demand for the same year.

OPEC's updated forecast takes into account the ongoing impact of the Iran war on global oil consumption. The organization's assessment differs from that of other analysts, who have predicted a more significant impact on demand. However, OPEC has raised its forecast for 2027 oil demand growth in its latest report.