The Organization of the Petroleum Exporting Countries announced on Thursday that it has further reduced its forecast for global oil demand growth in 2026 to 380,000 barrels per day, according to its monthly report. This marks the fifth consecutive downward revision of the organization's demand growth projections. OPEC continues to maintain a more optimistic outlook compared to other major forecasting institutions.
The producer group expects a smaller negative impact on oil consumption from the Middle East conflict that erupted when the Iran war began, in contrast to organizations such as the International Energy Agency, which anticipates actual demand decline in 2026. Beyond its 2026 assessment, OPEC also raised its forecast for oil demand growth in 2027, according to the organization's latest monthly report published on its website. The repeated downward revisions of demand growth forecasts reflect increasing uncertainty in global energy markets and changing expectations regarding consumption patterns in the coming years.
The divergence between OPEC's projections and those of the International Energy Agency highlights ongoing disagreement among major energy analysts regarding the impact of geopolitical tensions on petroleum demand. Source: Reuters, September 10, 2026
Source: reuters.com