OPEC Lowers 2026 Oil Demand Growth Forecast

OPEC has lowered its forecast for global oil demand growth in 2026, while raising it for 2027. The group kept its forecast for supply growth from non-OPEC+ countries in 2026 unchanged. Russia's daily oil output is running almost a million barrels below its OPEC+ quota. OPEC also published daily oil output figures for Azerbaijan for July 2026. The IEA and OPEC remain split on oil demand estimates as the closure of the Strait of Hormuz weighs on the market.