OPEC said in its latest monthly report on Thursday it cut its 2026 global oil
demand growth forecast to 0.97 mln b/d, marking a second consecutive downgrade.
Since the outbreak of the Iran war, OPEC judges the conflict’s impact on
consumption remains smaller than estimated by the EIA and IEA; both the EIA and
IEA forecast 2026 demand will decline. The report also raised OPEC’s 2027 oil
demand growth forecast.