OPEC lowers its oil demand growth forecast for 2026 for the fifth consecutive time, while raising its projection for 2027

(1) The OPEC monthly report shows that the forecast for global oil demand growth in 2026 has been lowered to 380,000 barrels per day (previously forecast at 580,000 barrels per day), marking the fifth consecutive downward revision. (2) However, OPEC still believes that the impact on consumption since the outbreak of the Iran war is smaller than that projected by other agencies such as the International Energy Agency—which expects demand to decline in 2026. (3) The report also raises the forecast for global oil demand growth in 2027 to 2.36 million barrels per day (previously forecast at 2.16 million barrels per day).