OPEC cuts 2026 oil demand forecast
OPEC has lowered its forecast for global oil demand growth in 2026 for the fourth time, now projecting an increase of 580,000 barrels per day compared to its previous estimate of 780,000 barrels per day. Conversely, the organization has raised its outlook for demand growth in 2027 to 2.16 million barrels per day from 1.9 million barrels per day in earlier estimates, indicating expectations of a stronger consumption growth momentum next year. Additionally, OPEC has reduced its estimate for total demand in the last quarter of 2026 to 107.66 million barrels per day, but slightly increased its forecast for the full year 2026 to 105.74 million barrels per day, with stable projections of 107.90 million barrels per day for 2027.
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