OPEC Adjusts 2026 Oil Demand Forecast Amid Hormuz Closure
The group cut its 2026 outlook to 970,000 barrels per day, citing war-driven supply shocks and higher fuel prices.
- On Thursday, the Vienna-based Opec lowered its 2026 global oil demand growth forecast to 970,000 barrels per day, marking the second consecutive monthly downward revision.
- Geopolitical tensions, particularly the Iran war and closure of the Strait of Hormuz, have roiled markets, though Opec maintains the impact on energy consumption remains smaller than other forecasters estimate.
- Despite these disruptions, Opec noted that "the global economic performance in the first half of 2026 has remained resilient," with growth in OECD Asian economies like China and India appearing particularly robust.
- On Wednesday, the US Energy Information Administration lowered its demand estimates by about 1 million bpd, as the EIA and IEA both expect oil demand to decline this year.
- Opec cautioned that geopolitical events and developments related to America's blanket tariffs of 10 per cent remain key issues for global markets in the second half of this year.
14 Articles
14 Articles
The countries of the Organization of Petroleum Exporting Countries (OPEC) produced in May an average daily of 18.82 million barrels, less 34% than in February, before the war in Iran and the blockade of the Strait of Ormuz. In total, and compared to February, there are less 9.8 million barrels of oil per day, according to the data of several independent institutes and quoted in the monthly report of the group, today published, contributing to a …
OPEC has cut its estimate of the year-on-year growth of global oil demand by 17 per cent - from 1.17 to 0.97 million barrels per day - despite maintaining its optimistic view on the resilience of the global economy unchanged. The monthly report of the Organization of Petroleum Exporting Countries (OPEC), published in Vienna, now stands at an average of 106.13 mbd the volume of crude oil that the planet will consume this year.
The countries of the Organization of Petroleum Exporting Countries (OPEC) produced in May an average daily of 18.82 million barrels, less 34% than in February, before the war in Iran and the blockade of the Strait of Ormuz.
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
