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Informist, Wednesday, Aug. 12, 2026

 

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--OPEC cuts 2026 oil demand growth view to 0.6 mln bpd vs 0.8 mln bpd earlier
--OPEC cuts 2026 oil demand growth view by 0.6 mln bpd to 105.7 mln bpd
--OPEC ups oil demand growth view for 2027 by 2.2 mln bpd vs 1.9 mln bpd
--OPEC ups oil demand growth view for 2027 by 2.2 mln bpd to 107.9 mln bpd
--OPEC retains non-OPEC oil supply growth view for 2026 by 0.6 mln bpd
--OPEC retains non-OPEC oil supply growth view for 2027 by 0.6 mln bpd

 

NEW DELHI – The Organization of the Petroleum Exporting Countries has further cut its forecast for global crude oil demand growth for 2026 amid prolonged supply disruptions in West Asia. It expects global crude oil demand to grow by only 600,000 barrels per day, lower than last month's projection of nearly 800,000 barrels per day. Nevertheless, OPEC remains more optimistic about the demand outlook for the year than the International Energy Agency, which said earlier in the day that it expects demand to decline by 1.6 million barrels per day.

 

For 2027, OPEC has forecast demand to grow by 2.2 million barrels per day, up from its previous forecast of a growth of 1.9 million barrels per day, the group said in its August Monthly Oil Market Report. According to OPEC's forecasts, the world will use about 105.7 million barrels per day in 2026 and 107.9 million barrels per day in 2027.

 

For India, OPEC has slightly revised its demand forecast to an average of 5.71 million barrels per day in 2026, down from 5.74 million barrels per day projected last month. For 2027, India is expected to use an average of 6.11 million barrels per day, marginally up from 6.10 million barrels per day projected last month.

 

In July, OPEC members produced 23.63 million barrels per day of crude oil, up from 21.97 million barrels per day in June, led by increased output in Kuwait, Saudi Arabia, Iraq, and Iran. But crude oil production by non-OPEC members fell to 14.02 million barrels per day in July, down from 14.26 million barrels per day in June, due to decreased output in Kazakhstan, Russia, Malaysia, and some other countries.

 

For supplies, OPEC has retained its outlook for both 2026 and 2027. The organisation expects crude oil supply to grow by 600,000 barrels per day to an average of 54.8 million barrels per day in 2026 and 55.5 million barrels per day in 2027.

 

OPEC has forecast non-OPEC oil supply to expand by 600,000 barrels per day to an average of 54.8 million barrels per day in 2026, unchanged from its June projection. It has also retained the non-OPEC oil supply growth view for 2027 at 600,000 barrels per day to an average of 55.5 million barrels per day. The main drivers for supply growth are expected to be Qatar, Brazil, Canada, and Argentina, OPEC said.

 

In June, commercial crude oil stocks in OECD countries fell 26.4 million barrels on month to 2.73 billion barrels, according to the report. Stocks were 66.5 million barrels lower than the latest five-year average. At 1953 IST, the price of West Texas Intermediate Crude futures on NYMEX was down 0.5% at $82.77 per barrel. The price of Brent Crude futures on the Intercontinental Exchange was $88.64 per barrel, down 0.3%.  End

 

US$1 = INR 95.33

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Afra Abubacker

Edited by Rajeev Pai

 

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