OPEC has trimmed its projection for global oil demand growth in 2026 to 780,000 barrels per day, marking the third straight downward revision to its outlook.
The adjustment underscores mounting uncertainty in the global energy market as the cartel grapples with slowing consumption trends.
6 million bpd. This convergence of bearish signals from both OPEC and the IEA suggests a tightening consensus on near-term market fundamentals.
The downgrade adds to a broader narrative of caution among major energy forecasters.
Earlier this week, the International Energy Agency also revised its 2026 global oil supply outlook downward, projecting total output to fall by 3.7 million barrels per day to 102.6 million bpd.
This convergence of bearish signals from both OPEC and the IEA suggests a tightening consensus on near-term market fundamentals.
For traders, the repeated cuts to demand growth forecasts complicate the pricing dynamic.