OPEC Revises Oil Demand Growth Downward for Fifth Month

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth in 2026 for the fifth consecutive month, reducing it to 400,000 barrels per day instead of 600,000 in August. This indicates a weakness in oil consumption, especially from advanced economies, where the organization expects demand to shrink by about 110,000 barrels per day, compared to growth in non-member economies of approximately 490,000 barrels. Conversely, OPEC has raised its demand outlook for 2027 to 2.4 million barrels per day, anticipating a broad regional recovery, with demand from OECD countries expected to increase by around 400,000 barrels per day and non-members by two million barrels. The organization also increased its demand estimates for the last quarter of 2026 and the overall year 2027, while maintaining its supply growth forecasts from outside the organization at 640,000 barrels in 2026 and 620,000 barrels in 2027, despite production cuts imposed by the coalition led by Saudi Arabia and Russia. In August, OPEC+ production rose by 297,000 barrels per day to reach 38.055 million barrels, with the largest increase coming from Iraq at 664,000 barrels per day. The global economic growth outlook remains steady at 3% for 2026 and 3.2% for 2027.

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