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Commodities

OPEC Output Surges as Global Demand Drops Amid Slowing Economy

Guavy AI Editorial Team
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Oil
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OPEC's monthly oil market report for July 2026 revealed that output from member nations increased by 3,051 kilobars per day (kb/d) in June compared to May. The United Arab Emirates led the way with a jump of 1,642 kb/d, followed closely by Kuwait at 880 kb/d and Iraq at 446 kb/d.

The report also showed that global demand for crude oil dropped from 81.26 mb/d in the second quarter of last year to 76.39 mb/d this quarter, a decline of approximately 4.87 mb/d or 6%.

For 2026, OPEC's annual forecast for world demand for liquid fuel was reduced by 400 kb/d from May's report, while the forecast for 2027 remained unchanged.

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