OPEC Cuts 2026 Oil Demand Growth Forecast

On August 12, 2026, OPEC lowered its forecast for global oil demand growth in 2026, according to multiple reports. The organization also raised its demand growth projection for 2027. In related news, Russia's daily oil output was reported to be nearly one million barrels below its OPEC+ quota, while OPEC released data on Azerbaijan's oil output performance for July 2026. The forecast adjustment reflects ongoing market conditions.