OPEC on Wednesday cut its forecast for global oil demand growth in 2026 to 580,000 barrels per day (bpd), according to its latest monthly oil market report.
The revision marks the fourth consecutive time the Organization of the Petroleum Exporting Countries has lowered its outlook for oil consumption growth this year.
OPEC’s latest forecast reflects its assessment of a weaker impact on global oil demand from the war involving Iran than projected by some other major energy forecasters.
The producer group continues to expect oil consumption to grow in 2026 despite the disruption caused by the conflict.
The International Energy Agency, by contrast, has taken a more cautious view and expects global oil demand to decline this year.
OPEC’s forecast highlights the differing assessments among major energy organisations over how the Iran war will affect fuel consumption and the wider global economy.
Despite cutting its 2026 outlook, OPEC raised its forecast for global oil demand growth in 2027, the report showed.
The revisions come as oil markets continue to assess the effects of geopolitical tensions, economic activity and changing fuel consumption patterns.
OPEC’s monthly report provides one of the closely watched assessments of global oil supply and demand, helping producers and traders gauge market conditions.
The latest figures underline the uncertainty surrounding the outlook for oil consumption as the industry weighs geopolitical risks against expectations for global economic growth.