OPEC lowers its forecast for global oil demand growth in 2026 to 380,000 barrels per day

OPEC's monthly report shows that OPEC has lowered its forecast for global oil demand growth in 2026 to 380,000 barrels per day, marking the fifth consecutive downgrade. The oil-producing organization still believes that the impact of the Iran war on consumption is lower than that predicted by other agencies such as the International Energy Agency—which expects a decline in demand in 2026. The report also shows that although OPEC has revised down its oil demand growth forecast for this year, it has raised its projection for oil demand growth in 2027. OPEC has increased its forecast for global oil demand growth in 2027 to 2.36 million barrels per day (previously forecast at 2.16 million barrels per day). The forecast for global oil demand growth in 2026 was lowered to 380,000 barrels per day (previously forecast at 580,000 barrels per day).