Home›Commodities›Energy›Oil prices dip after OPEC and IEA cut 2026 demand outl…

Oil prices dip after OPEC and IEA cut 2026 demand outlooks

Brent fell 0.5% to $88.56 per barrel, and WTI traded 0.6% lower at $82.77 in Asian trade amid weaker demand forecasts and a large U.S. inventory build.

Reported · Written up by our desk · Energy

Oil prices fell in Asian trading as both OPEC and the International Energy Agency cut their 2026 oil demand forecasts, adding pressure to crude markets despite persistent shipping risks in the Middle East and a deadlock in U.S. Iran talks, OilPrice reported.

Brent Crude declined 0.5% to trade below $89 per barrel at $88.56, after easing from a Wednesday intraday high above $89. The U.S. benchmark, WTI Crude, traded 0.6% lower at $82.77 in the Asian session.

The IEA, in its August outlook, expects oil demand to slump by 1.6 million barrels per day this year, citing a 510,000 bpd decline versus its July report that had assumed Strait of Hormuz flows would gradually improve. The IEA also said renewed hostilities and the lack of progress in U.S. Iran talks point to larger demand destruction driven by higher prices than previously expected.

OPEC also trimmed its 2026 demand growth outlook to 580,000 bpd, down from 780,000 bpd in its July view. OilPrice also noted additional pressure from a surprise increase in U.S. crude inventories, with a 17.4 million barrel build reported for the week ending Aug.

Latest closeWTI crude $82.68 ▼0.6%|Brent $88.46 ▼0.5%

More like this

Sources