OPEC lowers 2026 oil demand growth forecast to 400,000 bpd
OPEC cut its 2026 oil demand growth estimate to 400,000 barrels per day from 1.4 million bpd, while expecting deferred demand in 2027.
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what happened
Reuters reports that OPEC has reduced its estimate for global oil demand growth in 2026 to 400,000 barrels per day. At the beginning of the year, the organisation had projected an increase of 1.4 million bpd.
OPEC Secretary General Haitham Al Ghais announced the revision on Monday, attributing it to developments seen during the year. The group nevertheless expects postponed consumption to emerge in 2027 as pent-up demand builds.
why it matters
The revised outlook may shape market expectations for the oil supply-demand balance across 2026 and 2027.
instruments
sources
- OPEC cuts 2026 oil demand growth forecast to 400,000 bpd, sees pent-up demand in 2027 — Reuters, 12 October 2026 at 08:22 UTC
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