OPEC sharply cuts 2026 global oil demand growth forecast

The Organization of the Petroleum Exporting Countries has sharply lowered its forecast for global oil demand growth in 2026 from 1.4 million to 400,000 barrels per day.

OPEC Secretary General Haitham Al Ghais announced the revision on Monday at the 25th WPC Energy Congress in Riyadh.

He attributed the downgrade to broader economic headwinds and changes in consumption patterns recorded throughout the year.

Al Ghais stressed that part of the expected demand has not disappeared but has instead been deferred. OPEC expects this pent-up consumption to gradually emerge in 2027.

He also said global primary energy demand is projected to rise by 23 percent by 2050, while underinvestment in energy production is already putting pressure on key sectors, including oil refining.

According to CCTV+, OPEC expects weaker oil demand growth in 2026 but sees potential for part of the delayed consumption to return next year.