OPEC cuts oil demand growth forecast
The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2026 from 380,000 barrels per day to 180,000 barrels per day in its October report.
Global oil demand is now expected to reach 105.72 million barrels per day this year. Meanwhile, OPEC raised its 2027 demand growth forecast from 2.36 million to 2.55 million barrels per day, projecting total consumption of 108.28 million barrels per day.
OPEC's crude oil production increased by 920,000 barrels per day in September, reaching 25.1 million barrels per day. Saudi Arabia recorded the largest increase, adding 744,000 barrels per day, while Iraq and the United Arab Emirates also boosted output. Total production by the OPEC+ group rose by 903,000 barrels per day to 39.07 million barrels per day. The figures indicate a recovery in oil supply despite weakening global demand growth expectations for 2026.
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