OPEC cut 2026 oil demand forecast due to changing situation in Hormuz

The Organization of the Petroleum Exporting Countries (OPEC) has reduced its global oil demand growth forecast for 2026, dropping expectations for this year's demand increase to 780,000 barrels per day (bpd). This reflects the third consecutive monthly downward revision by the cartel, largely driven by the conflict in Iran and disruptions to tanker flows through the Strait of Hormuz.

While OPEC downgraded 2026 figures, it remains comparatively more optimistic and has actually raised its oil demand growth forecast for 2027 to 1.94 million bpd.