Vienna:The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth in 2026, reducing it to 400,000 barrels per day. This marks a significant decrease from the 1.4 million barrels per day estimated at the start of the year.
According to Oman News Agency, the adjustment was announced by OPEC Secretary-General Haitham Al Ghais, who attributed the change to recent developments impacting the market in 2026.
Al Ghais noted that OPEC anticipates deferred demand in 2026 will be offset in 2027, expecting a surge in consumption due to pent-up demand from the current period's postponed consumption.
The oil market dynamics are further influenced by expectations of increased Russian fuel supplies. This follows an announcement by US President Donald Trump regarding an agreement to supply Russian diesel to both American and global markets. Additionally, discussions of a potential agreement between Russia and Ukraine to cease attacks on energy facilities are contributing factors.