OPEC lowers 2026 global oil demand growth forecast

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OPEC lowered its forecast for world ⁠oil demand growth in 2026, joining other forecasters such as the International Energy Agency that have reduced their expectations ⁠due to the Iran war.

In its monthly report released Wednesday, the Vienna-based organization projected that global oil demand will grow by approximately 1.2 million barrels per day (bpd) in 2026, compared to the 1.4 million bpd forecast last month.

On the other hand, the organization projected that global oil demand will grow by approximately 1.5 million bpd in 2027, an increase of 200,000 bpd from its April forecast.

OPEC maintained its forecast for oil supply growth from outside the OPEC+ alliance at 600,000 bpd in both 2026 and 2027, driven primarily by production in Brazil, Canada, the United States, and Argentina.

The organization also held its global economic growth forecast at 3.1% in 2026 and 3.2% in 2027, with the US economy expected to grow by approximately 2.2% and 2% in 2027.

The report also indicated that the US economy is projected to grow by 2.2% in 2026 and 2% in 2027.

The report further stated that the growth rate of the US economy is expected to be 2.2% in 2026 and 2% in 2027. While the organization raised its forecast for Chinese economic growth to 4.6% in 2026, compared to 4.5% in last month's report, it held its forecast for next year's growth at 4.5%.