The Organization of the Petroleum Exporting Countries (OPEC) has revised down its forecast for global oil demand growth in 2026.

• Global oil demand is now expected to grow by 600,000 barrels per day year-on-year in 2026, a decrease from the previous estimate of 800,000 bpd.
• The forecast was made by OPEC in its latest monthly oil market report.
• Despite the lower 2026 forecast, OPEC revised up its demand growth forecast for 2027 to approximately 2.2 million bpd.