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OPEC Downgrades Oil Demand Forecast Amid Renewed Middle East Tensions

Guavy AI Editorial Team
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Oil
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OPEC has downgraded its forecast for world oil demand growth in 2026 to 580,000 barrels per day, marking the fourth straight downward revision.

The producer group expects a smaller impact on consumption since the Iran war started compared to other forecasters like the International Energy Agency, which predicts demand will decline in 2026.

OPEC has raised its forecast for 2027 oil demand growth. The International Energy Agency said global oil supply will fall by 4.3 million barrels per day this year due to renewed hostilities in the Middle East disrupting supplies.

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