OPEC Revises 2026 and 2027 Global Oil Demand Forecasts

OPEC has reduced its 2026 global oil demand growth prediction, aligning with other forecasters like the International Energy Agency, due to the Iran war. Conversely, the organization has increased its forecast for oil demand growth in 2027, as reported in its recent monthly oil report.

In a significant move, the Organization of the Petroleum Exporting Countries (OPEC) has adjusted its projections for global oil demand. OPEC announced a reduction in its 2026 demand forecast, attributing this revision to geopolitical tensions arising from the Iran conflict.

This update aligns with similar adjustments made by other forecasters, including the International Energy Agency, who have also dialed back their predictions amidst ongoing unrest in key oil-producing regions.

Conversely, OPEC has raised its expectations for 2027, suggesting an optimistic outlook for the latter period. These findings were detailed in OPEC's latest monthly oil report, available on their official website.