RABAT / Anadolu

OPEC lowered its forecasts for global oil demand growth in 2026 to 800,000 barrels per day on Monday, compared to previous estimates of 1 million barrels per day.

The organization's monthly report stated this, coinciding with the return of tensions between the United States and Iran, and the continued repercussions of the US-Israeli war on Iran on the global economy. This is the third consecutive reduction.

According to the report, the organization expects global oil demand to grow by about 800,000 barrels per day in 2026, compared to previous estimates of 1 million barrels per day in the June report and about 1.2 million barrels per day in the May report.

In contrast, the organization raised its forecasts for global oil demand growth in 2027 to 1.9 million barrels per day.

The organization also kept its forecasts for global economic growth at 3.1% in 2026 and 3.2% in 2027.

These estimates come amid fluctuations in global energy markets as a result of the US-Israeli war on Iran, which contributed to rising oil prices and inflation levels.

The Strait of Hormuz region is experiencing security tensions amid the war launched by the United States and Israel on Iran on February 28, 2026.

Washington and Tehran had signed a memorandum of understanding in June that included a ceasefire, following Qatari and Pakistani mediation, paving the way for a final agreement to end the war, before US President Donald Trump announced on July 8 that the ceasefire had ended due to renewed escalation.