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OPEC Cuts 2026 Global Oil Demand Forecast, Lifts 2027 Estimate

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OPEC Cuts 2026 Global Oil Demand Forecast, Lifts 2027 Estimate

The Organization of the Petroleum Exporting Countries on Thursday lowered its global oil demand growth forecast for this year but raised its expectations for 2027.

The cartel now expects oil consumption to rise by 970,000 barrels a day this year, down from its prior estimate that called for an increase of 1.17 million barrels.

For 2027, OPEC now expects world oil demand to rise by 1.73 million barrels a day, compared with its last month's forecast of a 1.54 million-barrel increase.

OPEC continues to forecast an increase in liquids production from countries not participating in the Declaration of Cooperation, or DoC, by 630,000 barrels a day this year.

The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies. Liquid production includes crude oil, condensate and natural gas liquids.

Brent crude was up 0.4% to $93.49 a barrel in Thursday trade, while West Texas Intermediate rose 1.1% to $90.98.

President Donald Trump said on Thursday that the US would again strike Iran tonight.

US forces launched airstrikes against Iran Tuesday after Tehran shot down an American Apache helicopter. The US fired additional missiles on Wednesday.

"At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their oil and gas markets," Trump wrote in a social media post on Thursday.

Kharg Island is Iran's central oil export hub.

Iran's Islamic Revolutionary Guard Corps said they targeted US bases in the Middle East overnight for a second consecutive day, CNN reported.

OPEC held its global economic growth forecasts steady at 3.1% for 2026 and 3.2% for 2027. US gross domestic product is seen rising 2.2% and 2% in 2026 and 2027, unchanged from prior projections.

"Global economic growth in (the second quarter of 2026) is expected to slightly moderate before gaining traction again towards the end of the year," OPEC said in its latest monthly report. "Geopolitical and global trade developments will remain the key aspects to monitor in the coming weeks."

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