OPEC Cuts 2026 Oil Demand Growth Forecast to 400,000 Barrels Per Day, Eyes Pent-Up Demand in 2027

OPEC lowered its 2026 global oil demand growth forecast to 400,000 barrels per day, with the revision confirmed by the group's secretary-general on October 12. The cut marks another step down in the producer group's expectations for consumption growth this year.

Despite the weaker near-term outlook, OPEC signaled that it expects pent-up demand to support stronger growth in 2027, suggesting the organization views the current slowdown as temporary rather than structural.