OPEC cuts 2026 oil demand growth forecast for fifth straight month

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OPEC cuts 2026 oil demand growth forecast for fifth straight month
PrimeXBT Editorial Team
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OPEC has cut its 2026 oil demand growth forecast to 380,000 barrels per day, the fifth straight monthly downgrade. The group still reads demand more optimistically than the International Energy Agency, which expects consumption to decline in 2026.

The Organization of the Petroleum Exporting Countries lowered its 2026 oil demand growth projection to 380,000 barrels per day in its latest monthly report. It marks the fifth consecutive month the producer group has lowered its outlook.

OPEC's view still runs more optimistic than other forecasters. The International Energy Agency predicts oil demand will decline in 2026, citing a larger impact from the Iran war on consumption patterns.

The same report raised OPEC's forecast for oil demand growth in 2027, even as the group keeps trimming its 2026 outlook.

Source: Investing.com

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