Commodities
OPEC Trims Oil Demand Growth Forecast Again Amid Iran War
OPEC has once again lowered its forecast for global oil demand growth in 2026, citing the ongoing impact of the Iran war. This is the second consecutive downward revision by the group.
The new projection sees oil demand growing by just 970,000 barrels per day (bpd) next year, down from a previous estimate of 1.17 million bpd.
OPEC attributes the reduced growth to the closure of the Strait of Hormuz, which has curbed millions of barrels of Middle East output and driven up fuel prices worldwide.