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OPEC Cuts 2026 Global Oil Demand Forecast by Over 70%

OPEC slashed its 2026 global oil demand growth forecast by over 70%, from 1.4 million to 400,000 bpd.

Secretary General Haitham Al Ghais announced the revision at the 25th WPC Energy Congress in Riyadh.

The cut reflects weaker global consumption, though OPEC expects delayed demand to recover in 2027.

Persistent upstream underinvestment and refining bottlenecks threaten long-term supply stability and foreign exchange revenues for exporters.

OPEC Cuts 2026 Global Oil Demand Forecast by Over 70%

OPEC slashed its 2026 global oil demand growth forecast by over 70%, from 1.4 million to 400,000 bpd.

Secretary General Haitham Al Ghais announced the revision at the 25th WPC Energy Congress in Riyadh.

The cut reflects weaker global consumption, though OPEC expects delayed demand to recover in 2027.

Persistent upstream underinvestment and refining bottlenecks threaten long-term supply stability and foreign exchange revenues for exporters.

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