Business · Energy & Commodities · 9 hrs ago
OPEC cuts 2026 oil demand growth forecast to 400,000 barrels a day
OPEC has lowered its forecast for how quickly global demand for oil will grow in 2026.
Secretary General Haitham Al-Ghais announced the revised figure at the WPC Energy congress.
OPEC now expects demand to rise by 400,000 barrels a day this year, compared with its forecast of 1.4 million at the start of 2026.
Al-Ghais said unfolding events led the organization to reduce its estimate.
He said some demand had been delayed rather than lost.
OPEC expects this pent-up demand to help lift growth to 1.7 million barrels a day in 2027.
The change matters because demand forecasts help show how much oil the world may need.
OPEC expects global oil demand growth of 400,000 barrels a day in 2026.
That is down from its forecast of 1.4 million barrels a day at the beginning of the year.
OPEC Secretary General Haitham Al-Ghais said the revision reflected events and how they unfolded.
Al-Ghais said OPEC expects demand growth of 1.7 million barrels a day in 2027, citing pent-up demand.
- Who
- OPEC, represented by Secretary General Haitham Al-Ghais.
- What
- OPEC cut its forecast for 2026 global oil demand growth to 400,000 barrels a day.
- When
- The forecast was reported on October 12, 2026.
- Where
- Al-Ghais announced it at the WPC Energy congress. The congress location is not stated.
- Why
- Al-Ghais said the revision reflected events and how they unfolded. He said some demand had been deferred to 2027.
This story does not have two clearly opposing sides.
OPEC forecast global oil demand growth of 1.4 million barrels a day for the year.
Al-Ghais said OPEC had lowered its 2026 forecast to 400,000 barrels a day.
OPEC expects global oil demand growth of 1.7 million barrels a day, with pent-up demand.
- 2026 demand growth forecast
- 400,000 barrels a day
- Forecast at start of 2026
- 1.4 million barrels a day
- 2027 demand growth forecast
- 1.7 million barrels a day
- OPEC Secretary General
- Haitham Al-Ghais
- Announcement venue
- WPC Energy congress
What people are saying
We are now seeing demand growth this year at 400,000 barrels a day versus in the beginning of the year we had it at 1.4 million barrels a day
At OPEC, we have revised our demand figure forecast for this year down from the beginning of the year in tandem with the events and the unfolding of events
We have it now at a level of 1.7 million barrels a day growth for 2027
Sources
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