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OPEC cuts 2026 oil demand growth forecast again, to 780,000 bpd
OPEC+ lifted June output by about 3 million bpd from May to an average 36.28 million bpd as Gulf supply rebounded and Hormuz tanker traffic gradually returned.
OPEC trimmed its forecast for global oil demand growth for the third straight month, lowering expected 2026 growth to 780,000 barrels per day, which was down another 190,000 bpd from last month’s estimate, according to its monthly oil market report released Monday.
The producer group still expects consumption to rise faster than some other forecasters, including the International Energy Agency. OPEC also raised its 2027 demand growth estimate by 210,000 bpd to 1.94 million bpd.
OPEC linked the downgrade to a market that it said is becoming less focused on finding oil and more on finding customers. It pointed to supply recovering faster than demand.
OPEC+’s June output climbed about 3 million bpd from May to average 36.28 million bpd, helped by Gulf producers restarting volumes previously stuck during the Iran war as conditions improved in the Strait of Hormuz. The article also notes the United States is producing nearly 14 million bpd and that the UAE pumped a record 4.1 million bpd in June while ramping exports through Fujairah.