OPEC Slashes 2026 Global Oil Demand Growth Forecast

Husam al-Ghais, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), stated on October 12 that OPEC has revised its forecast for global daily oil demand growth in 2026 down from 1.4 million barrels at the start of the year to 400,000 barrels, with previously delayed demand expected to emerge gradually in 2027. Speaking at the 25th World Petroleum Conference in Riyadh, Saudi Arabia, al-Ghais also projected that global primary energy demand will rise by 23% from current levels by 2050. He noted that investment shortages are prevalent across all stages of energy production, with impacts already visible in refining and other sectors.