OPEC slashes 2026 oil demand forecast by over 70% to 400,000 bpd
The Organisation of the Petroleum Exporting Countries (OPEC) has reduced its global oil demand growth forecast for 2026 by more than 70%, from 1.4 million barrels per day (bpd) to 400,000 bpd, reflecting weaker-than-anticipated demand growth during the year. The post OPEC slashes 2026 oil demand forecast by over 70% to 400,000 bpd appeared first on Nairametrics .
The Organisation of the Petroleum Exporting Countries (OPEC) has significantly reduced its 2026 global oil demand growth forecast by over 71%, from 1.4 million barrels per day (bpd) to 400,000 bpd. This announcement was made by OPEC Secretary-General Haitham Al Ghais during a ministerial session at the 25th WPC Energy Congress in Riyadh, Saudi Arabia on October 12, 2026.
The substantial revision of 71.4% reflects weaker-than-expected demand growth throughout the year. Saudi Arabia is currently facing renewed drone and missile threats following deadly attacks on King Khalid International Airport over the weekend. OPEC's decision to lower its oil demand forecast comes amidst these security concerns.
Nigeria's Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also attended the discussion. The revised outlook highlights the importance of sustained investment across the petroleum industry in the face of changing market conditions. The participating countries maintained their allocations, with Kuwait, Kazakhstan, Algeria, and Oman contributing 2.676 million bpd, 1.628 million bpd, 1.007 million bpd, and 841,000 bpd respectively.
OPEC has extended its production increase pause, continuing to evaluate global market conditions. Nigeria's crude oil production has recently improved, enabling the country to meet or slightly surpass its OPEC quota of 1.5 million bpd for four consecutive months.
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