The Organization of Petroleum Exporting Countries (OPEC) reduced its forecast for global demand growth for the commodity in 2026 by 200,000 barrels per day (bpd), to 1.2 million bpd.
If the projection is confirmed, it would total 106.33 million bpd in 2026, according to a monthly report released this Wednesday (13).
For 2027, on the other hand, OPEC increased its projection by 200 thousand bpd to 1.5 million bpd, which would take total consumption to 107.87 million bpd.
Demand in member countries is expected to increase by 100,000 bpd this year and 200,000 bpd next year, OPEC projects.
Outside the OECD, the expectation is for increases of 1.1 million bpd in 2026 and 1.3 million bpd in 2027.
