OPEC cuts 2026 global oil demand growth forecast

OPEC has lowered its forecast for global oil demand growth in 2026, while raising its outlook for demand growth next year.

In its August report, the Organisation of the Petroleum Exporting Countries forecast global oil demand to increase by about 0.6 million barrels per day (bpd) in 2026, reaching 105.74 million bpd, Caliber.Az reports per foreign media. 

The latest forecast is below OPEC’s July projection of 105.94 million bpd and annual demand growth of 0.8 million bpd.

OPEC expects oil demand in OECD countries to increase by about 40,000 bpd this year, while demand in non-OECD countries is forecast to rise by around 0.6 million bpd.

For 2027, OPEC raised its forecast for global oil demand growth to approximately 2.2 million bpd on an annualised basis. Demand is expected to increase by about 0.3 million bpd in OECD countries and 1.8 million bpd in non-OECD countries.

Meanwhile, the seven OPEC+ countries that had voluntarily pledged to cut oil production produced 24.296 million bpd in July, an increase of 1.424 million bpd from June.

By Sabina Mammadli