OPEC lowers its forecast for global oil demand growth in 2026

OPEC reports have shown that the organization has lowered its forecasts for global oil demand growth in 2026 to 780,000 barrels per day, marking its third consecutive reduction, as geopolitical tensions in the Middle East continue to impact oil supplies. Nevertheless, the organization has raised its demand growth forecast for 2027 to 1.94 million barrels per day, as some Gulf countries begin to resume production after halts caused by the war.

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