OPEC lowers oil demand growth forecasts for 2026

VIENNA -- Global oil demand is forecast to grow by 600,000 barrels per day (bpd) in 2026 year-on-year, down from last month's assessment, said the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday.

OPEC made the forecast in its latest monthly oil market report. In its previous report in July, the organization estimated a global oil demand growth of 800,000 bpd year-on-year for 2026.

Despite the lower forecast for 2026, the report continued to revise up its forecast for 2027, with global oil demand estimated to rise by about 2.2 million bpd year-on-year, compared with the previous estimate of 1.9 million bpd year-on-year.