OPEC lowers global oil demand growth forecasts for 2026

Global oil demand is forecast to grow by 780,000 barrels per day (bpd) in 2026, according to a report released on Monday by the Organization of the Petroleum Exporting Countries (OPEC) which revised downwards its forecast from June.

In its June report, OPEC had forecast global oil demand growth of one million bpd for 2026. Oil demand in non-OECD (Organization for Economic Cooperation and Development) countries is expected to take up the biggest share and grow by about 740,000 bpd in 2026.

In 2027, global oil demand is estimated to rise by 1.94 million bpd, representing an upward revision of about 200,000 bpd from OPEC’s June forecast. On the supply side, crude oil production by OPEC+ countries increased by about three million bpd month on month in June to average 36.28 million bpd, the report said.