OPEC revises down oil demand growth in 2026

VIENNA, Sept. 10 (Xinhua) -- Global oil demand is forecast to grow by 400,000 barrels per day (bpd) in 2026 year-on-year, down from the August assessment, said the Organization of the Petroleum Exporting Countries (OPEC) on Thursday.

Photo taken on Sept. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Photo: Xinhua)

The figure was published by OPEC in its latest monthly oil market report. In the previous report in August, the organization estimated a global oil demand growth of 600,000 bpd year-on-year for 2026.

The report said the forecast takes into account the economic growth trends and current challenges, including the economic impact of geopolitical tensions, a resurgence of inflationary pressures, and ongoing uncertainty regarding U.S. trade tariff policies.

Despite the lower forecast for 2026, the report continued to revise up its forecast for 2027, with global oil demand expected to rise by about 2.4 million bpd year-on-year, compared with the previous estimate of 2.2 million bpd year-on-year.

According to Thursday's report, the upward revision is driven by increased demand expectations for both Organization for Economic Cooperation and Development (OECD) and non-OECD countries.