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Commodities

OPEC Slashes Demand Forecast Amid Iran Talks Stalemate

Guavy AI Editorial Team
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Oil
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Oil prices dropped on Wednesday as investors weighed lower demand forecasts against US-Iran talks deadlock.

The Organization of Petroleum Exporting Countries (OPEC) lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report.

Rival forecaster the International Energy Agency (IEA) slashed its own 2026 demand projections and now expects a 1.6 million bpd contraction this year.

The IEA also predicted a 4.3 million bpd drop in supply this year, resulting in an overall 2026 deficit of around 1.27 million bpd.

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