OPEC said in its June 2026 Monthly Oil Market Report that it lowered its forecast for global oil demand growth in 2026 to 970,000 barrels per day from 1.17 million barrels per day in May, marking a second consecutive downward revision.
The new outlook implies total world oil demand of 106.13 million barrels per day in 2026. OPEC’s forecast breakdown points to about 100,000 barrels per day of demand growth in OECD economies and about 900,000 barrels per day in non-OECD markets.
The group left its economic growth assumptions unchanged and said global economic performance in the first half of 2026 remained stable. OPEC also raised its 2027 oil demand growth forecast by 190,000 barrels per day to 1.73 million barrels per day, implying demand of nearly 108 million barrels per day next year.
On supply, OPEC reported average May crude output for OPEC+ at 33.13 million barrels per day, down about 190,000 barrels per day from April.