OPEC Cuts 2026 Oil Demand Growth Forecast to 970,000 Bpd, Raises 2027 View
OPEC cut its 2026 forecast for global oil demand growth to 970,000 barrels a day from 1.17 million barrels a day in its monthly report, while raising its 2027 projection to 1.73 million barrels a day from 1.54 million. The group also said OPEC+ crude output averaged 33.13 million barrels a day in May, down 190,000 barrels a day from April.
The May production decline was led by Iran, whose crude output slumped 19% last month, according to OPEC data, as the US blockaded the country’s ports during the ongoing conflict. The report leaves OPEC with a weaker demand-growth outlook for 2026 even as it expects growth to accelerate in 2027.
From the sources (5 posts)
@financialjuiceOpec cuts 2026 global oil demand growth forecast to 970,000 barrels per day (prev. forecast 1.17 million bpd) - Copy of the monthly report
@financialjuiceOPEC raises 2027 global oil demand growth forecast to 1.73 million bpd (prev. forecast 1.54 million bpd).
@financialjuiceOPEC: OPEC+ crude output (including former member UAE) averaged 33.13 million bpd in May 2026, down 190,000 bpd from April, led by a drop in Iran
@zerohedge*OPEC Cuts 2026 Global Oil-Demand Growth Forecast to 970,000 B/D From 1.17 Mln *OPEC Raises 2027 Global Oil-Demand Growth Forecast to 1.73 Mln B/D From 1.54 Mln B/D
@businessIran’s crude oil production slumped by 19% last month, according to data from OPEC, while the US blockaded the country’s ports during their ongoing conflict.