The Organisation of the Petroleum Exporting Countries (OPEC) has significantly reduced its global oil demand growth forecast for 2026, cutting the projection by more than 70 percent. The organisation revised its outlook from an initial 1.4 million barrels per day (bpd) to 400,000 bpd, reflecting weaker-than-anticipated demand growth throughout the year. The revised forecast was disclosed on Monday, October 12, 2026, by OPEC Secretary-General Haitham Al Ghais during a ministerial session titled Perspectives on Global Oil and Gas Markets at the 25th WPC Energy Congress in Riyadh, Saudi Arabia.
The announcement comes amid heightened regional tensions, as Saudi Arabia faces renewed drone and missile threats following deadly attacks on Riyadh's King Khalid International Airport over the weekend. The timing of OPEC's downward revision underscores growing concerns about global economic momentum and its implications for petroleum consumption patterns. Source: Nairametrics Financial Advocates (Instagram post, October 12, 2026) and OPEC Secretary-General Haitham Al Ghais statement at the 25th WPC Energy Congress in Riyadh.
Source: instagram.com