In its previous report in July, OPEC estimated a global oil demand growth of 800,000 bpd year-on-year for 2026.
In its August 2026 Monthly Oil Market Report, OPEC acknowledged geopolitical friction and economic volatility, but revised up its forecast for 2027, estimating that global oil demand will rise 2.2 million bpd year-on-year, compared with its previous estimate of 1.9 million bpd year-on-year.
The International Energy Agency (IEA) forecast on Wednesday that global daily oil demand will decrease 1.6 million barrels in 2026—a steeper decline than the 1 million bpd decline forecast in its July report. According to the IEA, daily oil demand will be 103.288 million barrels in 2026.
