OPEC Reviews World Oil Demand Forecast Over Middle East Peace Deal

The Organization of Petroleum Exporting Countries (OPEC) has trimmed its forecast for world oil demand growth in 2026 to 970,000 barrels per day.
 
The review was contained in its monthly report, marking the second straight downward revision.
 
The group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the U.S. Energy Information Administration and the International Energy Agency.
 
The OPEC said consumption would rebound later and raised its demand growth forecast for 2027. The war has effectively closed the Strait of Hormuz, one of the world’s most important oil routes, curbing millions of barrels of Middle East outpu...