rki.news | Sources Xinhua

VIENNA, Aug. 12: The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday lowered its forecast for global oil demand growth in 2026, projecting an increase of 600,000 barrels per day (bpd) year-on-year.

In its latest monthly oil market report, OPEC reduced the forecast from the 800,000 bpd projected in its July assessment.

Despite the downward revision for 2026, OPEC raised its forecast for global oil demand growth in 2027.

The organization now expects demand to increase by about 2.2 million bpd year-on-year in 2027, up from its previous estimate of 1.9 million bpd.

The latest figures indicate a weaker outlook for oil demand growth next year, while OPEC anticipates stronger growth in 2027.

The forecasts come as global energy markets continue to assess economic conditions, consumption trends and other factors affecting future oil demand.