(ECNS) -- OPEC lowered its forecast for global oil demand growth in 2026 to 780,000 barrels per day (bpd) in its monthly report released on July 13, marking the third consecutive downward revision, Reuters reported.
The producer group revised down its previous forecast of 970,000 bpd from June. For 2027, OPEC raised its oil demand growth forecast to 1.94 million bpd, up 210,000 bpd from its previous estimate.
"The global economic growth dynamic in the first half of 2026 has remained broadly resilient," OPEC said in the report. "Potential moderations in geopolitical tensions may provide some upside for global growth in the second half of 2026 if energy markets and trade flows stabilize further."
The war that effectively closed the Strait of Hormuz for months curbed millions of barrels of Middle East output. Output is starting to recover following the interim peace agreement between Iran and the United States, though renewed military strikes are reigniting concerns over shipments.
OPEC remains more optimistic on oil consumption than other forecasters such as the International Energy Agency. OPEC+ crude output averaged 36.28 million bpd in June, up about 3 million bpd from May, as Gulf members began to resume output halted by the war.
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