OPEC Revises Oil Demand Forecast Amid Global Uncertainty

OPEC has lowered its projection for global oil demand growth in 2026 to 970,000 barrels per day, marking a second consecutive reduction. Despite the Iran war, OPEC sees a smaller impact on consumption than other forecasters. The organization, however, increased its forecast for 2027 oil demand growth.

In a significant development, OPEC announced a revised forecast for global oil demand, predicting growth of just 970,000 barrels per day in 2026. This marks the second consecutive downward adjustment by the oil producer group.

Contrarily, OPEC perceives a lesser impact on oil consumption due to the Iran war, compared to expectations set by the U.S. Energy Information Administration and the International Energy Agency, both of whom foresee a dip in demand in 2026.

In a more optimistic outlook for the following year, OPEC has raised its oil demand growth forecast for 2027, as reported by Reuters.