OPEC cuts 2026 oil demand outlook for fifth time

10th Sep 2026 14:06

(Sharecast News) - The Organization of the Petroleum Exporting Countries on Thursday lowered its forecast for oil demand growth in 2026 for the fifth straight month as ongoing conflict across the Middle East continues to threaten key shipping routes.

In its September Monthly Oil Market Report, OPEC said world oil demand was now expected to increase by 380,000 barrels per day (bpd) in 2026, down from its previous forecast of 580,000 bpd growth in August.

However, OPEC raised its forecast for 2027 demand growth to around 2.36m bpd, from 2.16m previously, driven primarily by a 1.9m bpd increase across non-OECD economies.

"OECD demand is forecast to grow by around 0.4 mb/d, while demand from non-OECD countries is forecast to expand by about 2.0 mb/d," the report said.

On supply, crude production among OPEC countries rose to 24.08m bpd in August, from 23.73m bpd in July.