OPEC's Adjusted Forecast: A Shift in Oil Demand Expectations

OPEC has revised its world oil demand growth forecast for 2026 to 970,000 barrels per day, representing a consecutive downward adjustment. This change diverges from the outlook of other organizations such as the U.S. Energy Information Administration. Conversely, OPEC anticipates a rise in demand growth for 2027.

OPEC has adjusted its forecast for global oil demand growth in 2026, reducing it to 970,000 barrels per day, according to a copy of its latest monthly report released on Thursday. This marks the second consecutive downward revision by the organization.

Despite this adjustment, OPEC's outlook on the impact of geopolitical conflicts, notably the Iran war, on oil consumption remains less pessimistic compared to other major forecasters such as the U.S. Energy Information Administration and the International Energy Agency, both of whom predict a more significant decline in demand for 2026.

In contrast, OPEC has raised its expectations for oil demand growth in 2027, as per details available on its website, indicating a more optimistic long-term view.