OPEC on Thursday (June 11, 2026) lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, the producer group said in its monthly report, marking the second straight downward revision.
The group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the U.S. Energy Information Administration and the International Energy Agency.
OPEC said consumption would rebound later and raised its demand growth forecast for 2027. The war has effectively closed the Strait of Hormuz, one of the world’s most important oil routes, curbing millions of barrels of West Asia output. The resulting surge in fuel prices is hitting consumers and businesses around the world.
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OPEC again lowers 2026 global oil demand growth forecast
OPEC revises 2026 global oil demand growth forecast down to 970,000 bpd amid geopolitical tensions and production challenges.
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