OPEC Revises Oil Demand Forecast

OPEC lowered its forecast for global oil demand growth in 2026 by 200,000 barrels per day, bringing it down to 580,000 barrels. It also raised its outlook for 2027 by 220,000 barrels, reaching 2.16 million barrels per day. The organization maintained its forecast for non-OPEC countries' production growth at 600,000 barrels in 2026 and decided to increase the forecast for 2027 by 100,000 barrels. Additionally, it revised downward its expectations for OPEC oil demand in 2026 to 42.1 million barrels per day, while keeping the 2027 estimate at 43.6 million barrels. The forecast also projects a slowdown in global economic growth to 3% in 2026, remaining steady at 3.2% in 2027.

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