OPEC cuts 2026 oil demand growth forecast to 1.17 million bpd and trims Q2 2026 demand, but raises 2027 growth outlook to1.54 million bper amid volatile economic conditions.

OPEC cuts 2026 oil demand growth forecast to 1.17 million bpd and trims Q2 2026 demand, but raises 2027 growth outlook to 1.54 million bpd amid volatile economic conditions By CNBCTV18.com The Organisation of the Petroleum Exporting Countries (OPEC) has trimmed its global oil demand growth forecast for 2026, signalling fresh concerns around slowing consumption amid an increasingly volatile macroeconomic environment. In its latest outlook, OPEC cut its 2026 global oil demand growth estimate to 1.17 million barrels per day (bpd), down from its earlier projection of 1.38 million bpd. The cartel also lowered its forecast for global oil demand in the second quarter of 2026 to 104.57 million bpd, compared to the previous estimate of 105.07 million bpd. The revised outlook comes at a time when crude markets remain on edge over geopolitical tensions, slowing industrial activity across major economies, and uncertainty around global trade and energy consumption trends. While OPEC turned cautious on 2026 demand expectations, it struck a more optimistic tone for the following year. Read More: UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group The oil-producing bloc raised its 2027 global oil demand growth forecast to 1.54 million bpd from the earlier estimate of 1.34 million bpd, indicating expectations of a stronger recovery in consumption over the longer term. The latest revision is likely to keep oil markets volatile as investors closely track demand signals, production decisions, and the broader economic outlook across key consuming nations. (Edited by : Bhupendra Paintola )

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