OPEC lowered its global oil demand growth forecast for 2026 for the third consecutive month. The group cited the market impact of the ongoing conflict involving Iran for the revision.
The 2026 demand growth forecast fell by 190,000 barrels per day (bpd). The revised 2026 growth target is now 780,000 bpd.
OPEC stated the global economy remained resilient in the first half of the year. The group noted the conflict's impact was smaller than other forecasters projected.
Easing geopolitical tensions could support economic growth in the second half of 2026. OPEC raised its 2027 oil demand growth forecast by 210,000 bpd. The new 2027 projection stands at 1.94 million bpd.