OPEC Slashes Global Oil Demand Forecast Again
The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth in 2026, marking its fourth consecutive downward revision. In July, OPEC estimated a global oil demand growth of 800,000 barrels per day year-on-year for 2026, but this latest report reduces that estimate to 580,000 bpd.
OPEC also acknowledged geopolitical friction and economic volatility as factors contributing to the revised forecast. However, the organization did revise its estimate upward for 2027, predicting global oil demand will rise by 2.2 million bpd year-on-year, compared to its previous estimate of 1.9 million bpd.
The International Energy Agency (IEA) made a similarly downbeat forecast, predicting that global daily oil demand will decrease by 1.6 million barrels in 2026, a steeper decline than the 1 million bpd decline it previously forecasted. According to the IEA, daily oil demand is expected to be 103.288 million barrels in 2026.