OPEC cuts 2026 oil demand growth forecast for fifth month
Crude Oil Price Movements In August, the OPEC Reference Basket (ORB) value increased by $3.45/b, m-o-m, to average $86.44/b. The ICE Brent front-month contract increased by $4.11/b, m-o-m, to average $88.08/b, and the NYMEX WTI front-month contract increased by $3.23/b, m-o-m, to average $82.45/b. The GME Oman front-month contract increased by $10.36/b, m-o-m, to average ...
OPEC has revised its 2026 oil demand growth forecast downward for the fifth consecutive month, according to wire material. The organization now anticipates demand will rise by just 0.4 million barrels per day (mb/d) year-over-year, a slight decrease from the previous month's assessment. This comes amid a stronger global economic outlook, with the US economy expected to grow by 2.2% in 2026 and China's growth forecast remaining unchanged at 4.6% for the same period.
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