OPEC Downgrades Global Oil Demand Forecast for Fifth Straight Month

OPEC has reduced its global oil demand growth projection for 2026 to about 400,000 barrels per day (b/d), marking a fifth consecutive downward revision. The Organization of the Petroleum Exporting Countries forecasts global oil demand to reach approximately 105.84 million b/d in 2026, including about 46.14 million b/d from OECD economies.

OPEC sees non-OECD countries averaging around 59.70 million b/d this year, a decrease of about 120,000 b/d from its previous projection. Global oil consumption is expected to grow by 2.4 million b/d in 2027, reaching an average of 108.19 million b/d.

Total crude oil production by OPEC+ members averaged 38.05 million b/d last month, a 300,000 b/d increase from July. Saudi Arabia led the coalition with its reduced production by 75,000 b/d last month, to about 7.3 million b/d.