OPEC lowered its 2026 global oil demand growth forecast in its May 13 monthly report.
The organization now expects demand to grow by 1.2 million barrels per day (bpd) year-on-year.
OPEC also reduced its second-quarter global demand estimate by 500,000 bpd to 104.57 million bpd.
This marks the second consecutive month OPEC has lowered its demand forecast for the quarter.
Middle East geopolitical tensions and the closure of the Strait of Hormuz drove the downward revision.
These supply disruptions caused global fuel prices to surge and impacted overall demand.