OPEC cuts 2026 oil demand growth forecast for a sixth consecutive month

OPEC's October report lowered expected global oil demand growth to 180,000 barrels a day from 380,000. It now forecasts total consumption of 105.72 million barrels a day.

The Organisation of the Petroleum Exporting Countries has revised its 2026 outlook downward for six consecutive months. October's reduction of 200,000 barrels a day concerns expected growth from last year, rather than the entire volume of consumption.

TASS rounded the previous and new growth estimates to 400,000 and 200,000 barrels a day. Interfax reported the more precise figures of 380,000 and 180,000. Both reports gave the same forecast for total demand: 105.72 million barrels a day.

OPEC expects consumption to decline in Organisation for Economic Co-operation and Development countries and increase elsewhere. These are forecasts of annual demand that the organisation continues to revise. They are not measured full-year results for 2026.