OPEC again downgrades 2026 global oil demand growth forecast

OPEC again downgrades 2026 global oil demand growth forecast Demand is now expected to increase by 0.6 million barrels per dayMOSCOW, August 12. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) has revised downward its forecast for global oil demand growth in 2026, according to the organization’s August report. Demand is now expected to increase by 0.6 million barrels per day (bpd), bringing total global demand to 105.74 million bpd. A month earlier, OPEC projected global demand to reach 105.94 million bpd, with growth forecast at 0.8 million bpd. An increase of approximately 40,000 bpd is expected in OECD countries, while non-OECD nations are expected to see growth of around 0.6 million bpd. Conversely, OPEC raised its demand forecast for 2027. Following an upward revision from last month’s outlook, the organization now expects global oil demand to grow by approximately 2.2 million bpd year-on-year. Growth of about 0.3 million bpd is forecast for OECD countries, while non-OECD nations are expected to see an increase of roughly 1.8 million bpd. Meanwhile, OPEC maintained its 2026 forecast for non-OPEC+ liquids production growth at 0.6 million bpd. The main growth drivers are expected to be Brazil, the United States, Canada, and Argentina, the report noted. For 2027, non-OPEC+ production growth is also expected to hold steady at 0.6 million bpd, with Qatar, Canada, Brazil, and Argentina driving the increase. 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