OPEC Cuts 2026 Oil Demand Growth Forecast to 1.17M Barrels Daily, Raises 2027 Outlook to 1.54M

According to OPEC, the organization cut its 2026 global oil demand growth forecast to 1.17 million barrels per day, down from a prior estimate of 1.38 million barrels per day. OPEC also raised its 2027 demand growth outlook to 1.54 million barrels per day from 1.34 million barrels per day.

OPEC+ crude output averaged 33.19 million barrels per day in April 2026, down 1.74 million barrels from March, as Middle Eastern member states reduced production due to Iran-related regional tensions.

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