OPEC lowered its 2026 global oil demand growth forecast for the third consecutive month. The producer group reduced the projection by 190,000 barrels per day (bpd). The revised 2026 growth forecast now stands at 780,000 bpd. OPEC cited the market impact of the ongoing conflict involving Iran for the revision.
The group noted the conflict had a smaller impact on consumption than other forecasters projected. OPEC reported the global economy remained resilient during the first half of the year. Easing geopolitical tensions may support economic growth in the second half of 2026.
OPEC raised its 2027 oil demand growth forecast by 210,000 bpd. The group now expects 2027 growth to reach 1.94 million bpd.