Opec lowers oil demand growth forecasts for 2026

14/08/2026 03:04 AST

Global oil demand is forecast to grow by 600,000 barrels per day (bpd) in 2026 year-on-year, down from last month's assessment, said the Organisation of the Petroleum Exporting Countries (Opec) on Wednesday.

OPEC made the forecast in its latest monthly oil market report. In its previous report in July, the organization estimated a global oil demand growth of 800,000 bpd year-on-year for 2026.

A major contributor for the downward revision is the Asia market. According to the report, China, India and Other Asia are estimated to have a weaker year-on-year oil demand growth in 2026. Meantime, Asia Pacific is expected to see a sharper decline in its oil demand this year.

Despite the lower forecast for 2026, the report continued to revise up its forecast for 2027, with global oil demand estimated to rise by about 2.2 million bpd year-on-year, compared with the previous estimate of 1.9 million bpd year-on-year.

Similarly, the higher growth forecast is a main result of more robust demand from Asia-related markets. China, India, Other Asia and Asia Pacific are all expected with a broader demand growth in 2027 compared with 2026. Europe will also see a larger year-on-year growth.


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