OPEC Lowers Global Oil Demand Growth Forecasts for 2026

OPEC lowered its forecasts for global oil demand growth during the current year, amid ongoing geopolitical tensions and the closure of the Strait of Hormuz. The organization explained that demand is likely to recover later, while it raised its estimates for next year. It indicated that the closure of the strait led to a decline in Middle East production by millions of barrels per day, increasing pressures on consumers and companies and pushing governments to ration supplies.