OPEC Cuts 2026 Oil Demand Growth Forecast for Third Month

OPEC's monthly report now sees global oil demand rising by a smaller amount this year than it forecast in February and January. The consecutive downgrades mark a shift from the group's earlier, more optimistic stance on demand expansion.

At the same time, OPEC raised its demand growth forecast for 2027, suggesting the group expects a recovery in consumption further out. The split outlook points to near-term weakness followed by a pickup later in the decade.

The revisions come as crude prices have traded in a range, with traders weighing OPEC+ supply cuts against demand concerns from major economies. The group's next scheduled meeting will review production policy for the second half of the year.