{"id":2838218,"version":0,"headline":"Opec trims 2026 oil demand growth again","dateModified":"2026-06-11T21:36:21Z","datePublished":"2026-06-11T12:01:45Z","articleBody":"<article><p class=\"lead\">Opec has downgraded its forecast for global oil demand growth for a second consecutive month.</p><p>Demand is now projected to increase by 970,000 b/d in 2026, the group said today in its latest <i>Monthly Oil Market Report (</i>MOMR), down from its previous forecast of 1.17mn b/d.</p><p>Opec does not give explicit reasons for the downgrade. But a 60,000 b/d cut to Indian demand growth and a projected 40,000 b/d fall in Middle East consumption are among the contributors.</p><p>Opec estimates Middle East demand in March — the first month of the Iran war — was about 500,000 b/d lower than a year earlier. The report makes few direct references to the conflict but flags \"downside risk\" to regional demand \"from the ongoing oil market situation\", which it said will depend on \"the duration and severity of the disruption\".</p><p>Opec expects a strong rebound in global oil demand next year, supported by higher growth forecasts for China and India. It projects demand to rise by 1.73mn b/d in 2027, up from 1.54mn b/d in last month's MOMR.</p><p>Opec kept its non-Opec+ supply growth forecast at 630,000 b/d for this year and 620,000 b/d for 2027. It does not forecast Opec+ production but publishes estimates from secondary sources, which include <i>Argus</i>. These show Opec+ crude output — including Mexico — fell by 185,000 b/d on the month to 33.13mn b/d in May.</p><p class=\"bylines\">By James Keates</p></article>","dateline":"London, 11 June (Argus)","license":"<footer><p><br> Send comments and request more information at <a href=\"mailto:feedback@argusmedia.com?subject=Argus Direct article feedback&body=I am contacting you regarding Opec trims 2026 oil demand growth again, available at http://direct.argusmedia.com/newsandanalysis/article/cs-24563296.\" target=\"_parent\"> feedback@argusmedia.com </a></p><p><i> Copyright © 2026. <a href=\"http://www.argusmedia.com/\" target=\"_blank\">Argus Media group</a>. All rights reserved. </i></p></footer>","copyrightHolder":"Argus Media group","copyrightYear":2026,"taxonomy":{"contexts":[{"name":"Fundamentals","children":[]},{"name":"Opec","children":[]}],"regions":[{"name":"Global","children":[]}],"sectors":[{"name":"Crude oil","children":[]}]},"pullQuote":null,"newsType":"Daily news","language":"en-GB","keywords":null,"isFree":true,"isFeatured":true,"body":"<p class=\"lead\">Opec has downgraded its forecast for global oil demand growth for a second consecutive month.</p><p>Demand is now projected to increase by 970,000 b/d in 2026, the group said today in its latest <i>Monthly Oil Market Report (</i>MOMR), down from its previous forecast of 1.17mn b/d.</p><p>Opec does not give explicit reasons for the downgrade. But a 60,000 b/d cut to Indian demand growth and a projected 40,000 b/d fall in Middle East consumption are among the contributors.</p><p>Opec estimates Middle East demand in March — the first month of the Iran war — was about 500,000 b/d lower than a year earlier. The report makes few direct references to the conflict but flags \"downside risk\" to regional demand \"from the ongoing oil market situation\", which it said will depend on \"the duration and severity of the disruption\".</p><p>Opec expects a strong rebound in global oil demand next year, supported by higher growth forecasts for China and India. It projects demand to rise by 1.73mn b/d in 2027, up from 1.54mn b/d in last month's MOMR.</p><p>Opec kept its non-Opec+ supply growth forecast at 630,000 b/d for this year and 620,000 b/d for 2027. It does not forecast Opec+ production but publishes estimates from secondary sources, which include <i>Argus</i>. These show Opec+ crude output — including Mexico — fell by 185,000 b/d on the month to 33.13mn b/d in May.</p><p class=\"bylines\">By James Keates</p>","lead":"Opec has downgraded its forecast for global oil demand growth for a second consecutive month.","cmsId":"24563296","source":"Censhare"}