OPEC cuts 2026 global oil demand forecast by 200,000 barrels per day

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth this year by 200,000 barrels per day, bringing it to 580,000 barrels per day, while raising its estimate for demand growth in 2027 by 220,000 barrels per day to reach 2.16 million barrels per day.

On the supply side, OPEC maintained its forecast for production growth from non-OPEC countries at 600,000 barrels per day for this year, with an expected growth of 100,000 barrels per day next year.

OPEC also slightly reduced its estimates for demand for OPEC crude oil in 2026 to 42.1 million barrels per day, while keeping its 2027 forecast unchanged at 43.6 million barrels per day.

In a separate development, OPEC lowered its forecast for global economic growth this year to 3%, while keeping its 2027 projection unchanged at 3.2%.