The Organization of the Petroleum Exporting Countries (OPEC) has lowered its global oil demand growth forecast for 2026 for the fourth consecutive month, citing a weaker outlook for consumption.
In its monthly oil market report released on Wednesday, August 12, 2026, OPEC projected that global oil demand will increase by 580,000 barrels per day in 2026, down from its previous estimate.
The revised outlook comes as analysts continue to assess the impact of geopolitical tensions, including the conflict involving Iran, on global energy markets.
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However, OPEC maintained that the war involving Iran is likely to have a more limited effect on oil consumption than other forecasters anticipate. This contrasts with the International Energy Agency (IEA), which expects global oil demand to contract in 2026.
Despite the lower forecast for next year, the producer group struck a more optimistic tone for 2027 by raising its projection for global oil demand growth, reflecting expectations of stronger market conditions beyond 2026.
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