OPEC's monthly report cut its 2026 global oil-demand growth forecast to 380,000
b/d from 580,000 b/d, marking the fifth consecutive downgrade. The report says
the hit to consumption since the outbreak of the Iran war is smaller than
estimated by other forecasters including the IEA, which expects 2026 demand to
decline. OPEC also trimmed its demand-growth forecast for this year but raised
its 2027 forecast to 2.36 mln b/d from 2.16 mln b/d.