The Organization of the Petroleum Exporting Countries lowered its forecast for global oil demand growth in 2026 to 380,000 barrels per day, according to its latest monthly report.
The revision marked the fifth consecutive month in which OPEC has reduced its 2026 oil demand growth forecast.
OPEC’s outlook remains above that of the International Energy Agency, which expects global oil demand to decline in 2026. The IEA cited a greater expected impact from the Iran war on consumption patterns.
OPEC also raised its forecast for global oil demand growth in 2027, according to the report.