OPEC cuts 2026 oil demand growth
10:37, 13 August 2026
The Organization of the Petroleum Exporting Countries (OPEC) has revised down its global oil demand growth forecast for 2026 to 600,000 barrels per day (bpd) year-on-year, compared with 800,000 bpd in its July report, Qazinform News Agency cites Xinhua.
The reason for the downgrade is weaker demand expected in China, India, and Other Asia, with sharper declines in Asia Pacific.
The report revised its forecast for 2027. Demand growth is projected at 2.2 million bpd, up from 1.9 million bpd.
Stronger demand is expected across Asia-related markets and Europe in 2027.
The downgrade for 2026 reflects slowing economic activity and regional consumption shifts in Asia.
It was earlier reported, OPEC+ to raise oil production cap by 188,000 bpd in August.