OPEC reduces 2026 oil demand forecast
OPEC has lowered its forecast for global oil demand growth in 2026 by 200,000 barrels per day to 580,000 barrels, while increasing its estimate for 2027 by 220,000 barrels to 2.16 million barrels per day. The organization also maintained its projections for non-OPEC supply growth at 600,000 barrels annually in 2026 and 100,000 barrels in 2027, with a slight adjustment in OPEC's own oil demand forecast to 42.1 million barrels per day in 2026, remaining steady at 43.6 million barrels in 2027. It has also been reported that OPEC has downgraded its global economic growth forecast for 2024 to 3%, while keeping its projections for 2027 at 3.2%.
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