OPEC Trims Oil Demand Growth Forecast for Fifth Straight Month

OPEC has revised its 2026 global oil demand growth forecast downward for the fifth consecutive month, cutting the projection to 380,000 barrels per day. This reduction is a significant 200,000 bpd decrease from the previous estimate of 580,000 bpd, and marks a cumulative drop of approximately 1 million bpd since February.

The root cause of these downgrades lies in ongoing geopolitical tensions, particularly the conflict involving Iran, which has sent shockwaves through energy markets. This has led to higher Brent crude prices above $100 per barrel, constraining supply and suppressing demand, especially in price-sensitive economies across Asia-Pacific and China, the world's largest crude importer.

OPEC's September report estimates that global oil demand for 2026 will average around 105.84 million bpd. In contrast, the International Energy Agency has taken a bleaker view, predicting an outright decline in demand this year.