CommoditiesMedium•12 October 2026•
1 min read
OPEC Slashes 2026 Oil Demand Growth Forecast to 400,000 BPD
Key Facts
1OPEC slashed its oil demand growth forecast for this year to just 400,000 bpd, down from 1.4 million bpd projected at the start of the year.
2Oil prices remain elevated with Brent above $105 and WTI above $92 due to ongoing Middle East tensions.
3OPEC Secretary General Haitham Al Ghais noted that the organization expects deferred demand to materialize in 2027.
OPEC slashed its oil demand growth forecast for this year to just 400,000 barrels per day (bpd). According to the organization's latest assessment, this figure marks a significant downgrade from the 1.4 million bpd projected at the start of the year, reflecting weakening global consumption conditions.
Oil prices remain elevated despite the downgrade, with Brent trading above $105 and WTI above $92 due to ongoing Middle East tensions. Secretary General Haitham Al Ghais noted that the organization expects deferred demand to materialize in 2027, as the market weighs lower demand forecasts against supply risks linked to infrastructure and shipping disruptions.