OPEC reduces Q2 global oil demand forecast by 500,000 bpd
OPEC cut its Q2 oil demand forecast by 500,000 barrels per day due to the Iran war. The group kept its full-year growth outlook steady at 1.38 million bpd.
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OPEC has revised its global oil demand forecast for the second quarter of 2026, pointing to the significant impact of the conflict involving Iran. According to its latest monthly market report, the producer group lowered its demand expectations by 500,000 barrels per day (bpd), bringing the projected average to 105.07 million bpd. This adjustment is the first public assessment of how the war has affected global energy markets, particularly following the closure of the Strait of Hormuz.
