OPEC further lowers 2026 global oil demand growth forecast

OPEC on Monday lowered its forecast for world oil demand growth in 2026 to 780 000 barrels per day, a copy of its monthly report showed, marking the third straight downward revision. The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the International Energy Agency. OPEC said the world economy may do better in the rest of the year and raised its oil demand growth forecast for 2027.

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