OPEC lowers oil demand forecasts for 2026

VIENNA -- Global oil demand is forecast to grow by 800,000 barrels per day (bpd) in 2026 year-on-year, said a report released on Monday by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC made the forecast in its latest monthly oil market report. Of the total 800,000 bpd demand growth, the oil demand in the non-OECD (Organization for Economic Cooperation and Development) countries is expected to take up the biggest share and grow by about 740,000 bpd year-on-year in 2026.

In its June report, OPEC had forecast global oil demand growth of 1 million bpd year-on-year for 2026.

In 2027, global oil demand is estimated to rise by about 1.9 million bpd year-on-year, representing an upward revision of about 200,000 bpd from OPEC's June forecast.

On the supply side, the report said that in June, crude oil production by OPEC+ countries increased by about 3 million bpd month-on-month to average at 36.28 million bpd. However, major producer Saudi Arabia reported lower oil production in June compared with a month ago.