Amman, May 13 (Petra) -- The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth for 2026, according to its monthly report released on Wednesday.

The organization reduced its demand growth estimates to 1.17 million barrels per day (bpd), down from a previous projection of 1.38 million bpd.

OPEC further noted that global oil demand for the second quarter of the current year is expected to average approximately 104.57 million bpd, compared to earlier estimates of 105.07 million bpd.

In contrast, the organization raised its demand growth expectations for 2027. These adjustments align with recent data from the International Energy Agency (IEA), which also downgraded its forecasts, citing ongoing geopolitical developments in the Middle East.

//Petra// AF