OPEC slashes expected 2026 demand gain to 400,000 barrels daily
OPEC cut its 2026 global oil demand growth estimate to 400,000 barrels per day from an initial 1.4 million, a drop of over 70 percent in five months. Meanwhile, it raised its 2027 growth forecast to help refill depleted stockpiles.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
OPEC said on October 12 that it expects global oil demand to grow by 400,000 barrels per day in 2026, down from an initial projection of 1.4 million. Al Ghais tied the reassessment to market developments over the course of the year. On October 13, the group raised its 2027 demand growth forecast, citing the need to rebuild depleted inventories.
Why it matters
The forecast for this year's growth has fallen more than 70 percent in five months.
Timeline
- Oct 12, 12:42 PM ET: OPEC lowers its 2026 global oil demand growth forecast to 400,000 barrels per day from 1.4 million.
- Oct 13, 8:07 AM ET: OPEC raises its 2027 demand growth view, citing the need to rebuild depleted stock levels.
More from Business
- Musk pledges SpaceX stock for every American child next year
- Small businesses sue to halt Trump's tariffs on Canadian imports
- Houthi attacks force Saudi Arabia to postpone investor conference
- Bank of America keeps October rate hike call despite markets
- Connecticut man admits losing $1.16M of investor crypto funds
- AI stock selloff keeps markets jittery as CoreWeave debt worries spread