OPEC lowers 2026 oil demand growth forecast

VIENNA, May 13 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that the global oil demand is forecast to grow by a "healthy" 1.2 million barrels per day (bpd) year on year in 2026, lower than its previous estimate.

OPEC made the forecast in its latest monthly oil market report. According to its April forecast, the global oil demand in 2026 is forecast to grow by 1.4 million bpd year on year.

In 2027, global oil demand is estimated to rise by about 1.5 million bpd year on year, representing an upward revision of about 200,000 bpd from OPEC's April forecast.