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OPEC Cuts 2026 Oil Demand Forecast Again
10 Sep
Summary
- OPEC reduced its 2026 world oil demand growth forecast.
- This marks the fifth consecutive downward revision by OPEC.
- The producer group's forecast differs from the IEA's outlook.
The Organization of the Petroleum Exporting Countries (OPEC) has issued a revised forecast, projecting a significantly lower growth in global oil demand for 2026. The producer group now anticipates demand will increase by just 380,000 barrels per day.
This downward adjustment represents the fifth consecutive reduction in OPEC's outlook for 2026 oil demand. The group's assessment of the impact of the ongoing Iran war on oil consumption appears to be more conservative than that of other major energy forecasters.
In contrast to OPEC's view, the International Energy Agency (IEA) expects global oil demand to actually decline in 2026. Additionally, OPEC's report, which was seen by Reuters, also included an upward revision to its oil demand growth forecast for the year 2027.
