OPEC Revises 2026 Oil Demand Downward
OPEC has lowered its projections for oil demand growth in 2026 for the sixth consecutive time to 200,000 barrels per day, down from previous estimates of 400,000 barrels per day, due to the repercussions of the U.S. war on Iran, energy supply disruptions, and their effects on the global economy. Conversely, the organization has raised its demand growth forecast for 2027 to 2.6 million barrels per day from 2.4 million, while reaffirming an economic growth rate of 3% in 2026 and 3.2% in 2027, despite challenges in energy markets. OPEC ministers also warned of rising shipping and insurance costs, which have surpassed unprecedented levels, slowing oil transportation and exerting global inflationary pressures, while emphasizing the importance of protecting maritime routes and ensuring the continuity of trade movements and oil supplies.
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