Commodities
OPEC Trims 2026 Oil Demand Forecast Amid Iran War Impact
OPEC has reduced its forecast for global oil demand growth in 2026 by another 200,000 barrels per day. This marks the second consecutive downward revision from the producer group.
The organization's latest report attributes this decrease to the ongoing Iran war and its impact on crude output, particularly in May when production fell by 190,000 bpd due to a U.S. blockade. OPEC+ output has dropped significantly since April.
OPEC remains cautious about consumption levels, but still expects demand growth to rebound later this year. The group increased its demand forecast for 2027, anticipating oil demand to rise by 1.73 million bpd, up 190,000 bpd from the previous forecast.