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Mixed Oil Prices As OPEC, IEA Cut Demand Outlook

Guavy AI Editorial Team
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Oil prices were mixed on Wednesday as major energy agencies revised their forecasts for global oil demand. Brent crude futures fell by 0.25%, trading at $88.69, while US WTI crude gained 0.22% and was trading at $83.44.

The Organisation of Petroleum Exporting Countries (OPEC) reduced its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its latest monthly oil market report.

The International Energy Agency (IEA) also revised its outlook lower, projecting a contraction in global oil demand of 1.6 million barrels per day this year and an overall supply deficit of around 1.27 million barrels per day in 2026.

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