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Julianne Geiger reports that OPEC has trimmed its global oil demand growth forecast for 2026.

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its global oil demand growth projection for 2026 for the fifth consecutive month. The organization reported that global demand is expected to grow by 380,000 barrels per day in 2026, while total consumption is projected to reach 105.84 million barrels per day. OPEC also adjusted its 2027 forecast, raising the demand growth projection to 2.36 million barrels per day. This increase is largely driven by countries outside the OECD, particularly in China and India. While China's demand growth is expected to be relatively flat in 2026, it is projected to rise by 380,000 barrels per day in 2027. India's demand growth is pegged at 60,000 barrels per day for 2026, but is expected to jump to 400,000 barrels per day in the following year. The administration announced that the 2027 demand growth forecast represents a significant shift from the 2026 outlook, with non-OECD countries accounting for the majority of the increase.

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