OPEC Reduces Q2 Global Oil Demand Forecast Amid Ongoing Middle East Conflict
Opec cuts Q2 global oil demand forecast by 500,000 bpd on Iran war
Business Standard
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OPEC has cut its forecast for global oil demand in the second quarter of 2026 by 500,000 barrels per day, now estimating an average of 105.07 million bpd. This adjustment is attributed to the impact of the ongoing war in the Middle East, although demand growth for the full year remains unchanged.
- 01OPEC lowered its Q2 oil demand forecast by 500,000 bpd.
- 02New projected average demand is 105.07 million bpd.
- 03The revision is due to the impact of the Middle East conflict.
- 04Demand growth for the full year remains unchanged.
- 05OPEC anticipates a rebound in demand in the second half of the year.
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On Monday, the Organization of the Petroleum Exporting Countries (OPEC) announced a reduction in its forecast for global oil demand in the second quarter of 2026 by 500,000 barrels per day, bringing the new average to 105.07 million bpd. This adjustment reflects the ongoing impact of the war in the Middle East, which has led to slight transitory weakness in demand growth. OPEC noted that both OECD (Organisation for Economic Co-operation and Development) and non-OECD countries are experiencing this downturn. Despite the reduction for Q2, OPEC maintains that the overall demand growth for the year remains unchanged from previous estimates, with expectations for a recovery in demand during the latter half of 2026.
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This forecast adjustment could influence global oil prices and market strategies, affecting consumers and businesses reliant on oil.
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