The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2026 for the sixth month in a row, to 200,000 barrels per day from around 400,000 in its August estimate, citing slower consumption and economic and geopolitical developments, Al Riyadh newspaper reported. It raised its expectations for 2027.

The group has now cut its demand growth estimate by about 1.2 million barrels per day since April, when it expected an increase of 1.4 million barrels per day this year.

OPEC's monthly report shows demand in OECD countries contracting by about 210,000 barrels per day in 2026, against growth of 390,000 barrels per day in non-OECD economies.