OPEC cut its demand growth estimates for 2026 to about 1.2 million barrels per day.

The agency thus worsened its demand forecast by 334,000 bpd compared with its April expectations, when the IEA projected a decline of 84,000 bpd

The IEA's oil market report for May noted that global oil supply declined by a further 1.8 million barrels per day in April.

The IEA and Opec have both lowered their forecasts for global oil demand in 2026, but the producer group sees a far more resilient oil market.

OPEC cut its demand growth estimates for 2026 to about 1.2 million barrels per day.