Cuts 2026 oil demand growth forecast by further 200,000 bpd amid Iran war impactOPEC+ output drops by 190,000 bpd in May, led by Iran facing US blockadeRaises \u200b2027 demand growth prediction<\/p>\n
LONDON, June 11 (Reuters) – OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, the producer group said in its monthly report, marking the second straight downward \u200brevision.<\/p>\n
The group continues to see a smaller impact on consumption since the Iran \u200bwar<\/a> started than other forecasters such as the U.S. Energy Information Administration <\/a>and the International \u2060Energy Agency<\/a>. OPEC said consumption would rebound later and raised its demand growth \u200bforecast for 2027.<\/p>\n Sign up here.<\/a><\/p>\n The war has effectively closed the Strait of Hormuz, one of the world’s \u200bmost important oil routes, curbing millions of barrels of Middle East output. The resulting surge in fuel prices is hitting consumers and businesses around the world.<\/p>\n The current forecast reduced the expected oil \u200bdemand growth this year from 1.17 million barrels per day seen previously. For 2027, \u200bOPEC expects oil demand to rise by 1.73 million bpd, up 190,000 bpd from the previous \u200cforecast.<\/p>\n “The \u2060global economic performance in the first half of 2026 has remained resilient, despite ongoing geopolitical tensions,” OPEC said in the report, leaving its economic growth forecasts unchanged.<\/p>\n The EIA and IEA both expect oil demand to decline this year as a result of the \u200bwar.<\/p>\n OPEC+, which groups \u200bthe Organization of the \u2060Petroleum Exporting Countries and allies such as Russia, had agreed to resume output increases from April, but the closure of Hormuz \u200bhas made it impossible to lift production. The report said \u200boutput fell \u2060further in May.<\/p>\n OPEC+ crude output averaged 33.13 million bpd in May, down 190,000 bpd from April, the report said, citing secondary sources OPEC uses to monitor its production. Iran posted \u2060the \u200bbiggest drop in output. The country’s exports were down \u200bsharply in May due to a U.S. blockade, tanker data shows<\/a>.<\/p>\n The May figure includes the United Arab Emirates, \u200bwhich left OPEC and OPEC+ on May 1.<\/p>\n Reporting by Alex Lawler; Editing by Tomasz Janowski<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n