OPEC Lowers Global Oil Demand Growth Forecast for 2026

Deep News05-13 21:01

On May 13, the Organization of the Petroleum Exporting Countries (OPEC) released its latest monthly crude oil market report, lowering its forecast for global oil demand growth in 2026. The report notes that ongoing tensions in the Middle East, which have blocked key shipping lanes, have significantly increased uncertainty in global energy markets.

According to the latest monthly report, OPEC expects the average global oil demand in the second quarter of this year to be 104.57 million barrels per day, a reduction of 500,000 barrels per day from last month's forecast. This marks the second consecutive month the organization has revised down its demand data for the quarter. The report emphasizes that geopolitical conflicts have effectively closed the Strait of Hormuz, a critical global chokepoint for crude oil transport. This not only blocks millions of barrels of daily crude output from the Middle East but has also triggered a sharp surge in global fuel prices, severely impacting consumers and businesses worldwide and forcing numerous governments to implement emergency measures to ensure energy security.

On the supply side, OPEC and its allies, including Russia, collectively known as "OPEC+," had previously agreed to gradually restore production increases starting in April. However, due to the closure of the Strait of Hormuz, these planned production increases can no longer be implemented.

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