Why did OPEC downgrade its 2026 global oil demand growth forecast, and what is the new projected daily increase?

OPEC downgraded its 2026 global oil demand growth forecast because of a downward revision in demand expectations for non-OECD countries; the new projection is that global daily oil demand will increase by 970,000 barrels per day (bpd) in 2026 compared to 2025, reaching 106.13 million bpd — a reduction from the previous May forecast of a 1.17 million bpd increase.

What is OPEC's revised 2027 global oil demand growth forecast, and what factor drove the upward adjustment?

OPEC revised its 2027 global oil demand growth forecast upward to an increase of 1.73 million bpd compared to 2026, reaching 107.86 million bpd — up from the prior May forecast of a 1.54 million bpd increase, with the upward adjustment primarily driven by higher demand expectations for non-OECD countries.

OPEC Downgrades 2026 Oil Demand Forecast, Upgrades 2027 Outlook

Jun 12, 2026

OPEC lowered its 2026 global oil demand growth forecast to 970,000 barrels per day due to weaker non-OECD expectations, while raising the 2027 projection to 1.73 million barrels per day.

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