August 12, 2026
Reuters: OPEC Further Lowers 2026 Global Oil Demand Growth Forecast
OPEC further cut its 2026 global oil demand growth forecast to 580,000 barrels per day in its latest monthly report, the fourth consecutive downward revision. The report shows that OPEC members raised production by 1.659 mb/d in July, with the bulk of the increase coming from Iraq, Saudi Arabia, and Kuwait. Current OPEC production is lower than pre-Hormuz crisis level by about 5 mb/d. The supply gap is larger: 5.4 mb/d. However, for OPEC+, the decline in supply was larger than the decline in production because of the Black Sea Crisis as discussed below.
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