The Organization of the Petroleum Exporting Countries (OPEC) has revised downward its forecast for global oil demand growth in 2026, according to the organization’s August report. Demand is now expected to increase by 0.6 million barrels per day (bpd), bringing total global demand to 105.74 million bpd. A month earlier, OPEC projected global demand to reach 105.94 million bpd, with growth forecast at 0.8 million bpd. Following an upward revision from last month’s outlook, the organization now expects global oil demand to grow by approximately 2.2 million bpd year-on-year. Meanwhile, OPEC maintained its 2026 forecast for non-OPEC+ liquids production growth at 0.6 million bpd.