OPEC Revises Oil Demand Outlook Downward
The OPEC organization has lowered its global oil demand growth forecast for 2026 for the fifth consecutive month, reducing it to 400,000 barrels per day from 600,000. This adjustment reflects economic weakness in developed countries and expectations of demand contraction in OECD nations by about 110,000 barrels per day, contrasted with growth in non-member economies. The organization forecasts that demand will begin to rise again in 2027 by approximately 2.4 million barrels per day, supported by widespread regional recovery, with demand from non-Western member countries increasing by around two million barrels daily. Additionally, OPEC has raised its estimates for Q4 2026 demand to 107.85 million barrels per day, and for total 2027 demand to 108.19 million barrels per day. It continues to expect non-OPEC+ oil supply growth at 640,000 barrels per day in 2026 and 620,000 in 2027. On the production front, OPEC+ coalition production increased by 297,000 barrels per day in August to reach 38.055 million barrels, despite a decline due to repercussions from the war with Iran, with production cuts expected to remain in place through the end of 2026.
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