OPEC cuts 2026 oil demand growth forecast to 0.6 million barrels daily

The Organization of the Petroleum Exporting Countries has lowered its forecast for global oil demand growth in 2026, according to its August report released Tuesday.

OPEC now expects demand to increase by 0.6 million barrels per day in 2026, bringing total global demand to 105.74 million barrels per day. The revision marks a reduction from the organization's July forecast, which projected demand growth of 0.8 million barrels per day and total demand of 105.94 million barrels per day.

The downward adjustment reflects divergent trends across different regions. OPEC countries expect an increase of approximately 40,000 barrels per day in demand from OECD nations, while non-OECD countries are projected to see growth of around 0.6 million barrels per day.

In contrast to its 2026 downgrade, OPEC raised its demand forecast for 2027. The organization now expects global oil demand to grow by approximately 2.2 million barrels per day year-on-year in 2027, following an upward revision from its previous month's outlook. OECD countries are forecast to contribute about 0.3 million barrels per day of growth, while non-OECD nations are expected to see an increase of roughly 1.9 million barrels per day.