OPEC Cuts 2026 Oil Demand Forecast by Over 70%

On October 12, 2026, the Organisation of the Petroleum Exporting Countries (OPEC) announced a significant reduction in its global oil demand growth forecast for 2026, decreasing it from 1.4 million barrels per day (bpd) to 400,000 bpd, which represents a downward revision of approximately 71.4%. This announcement was made by OPEC Secretary-General Haitham Al Ghais during a ministerial session titled Perspectives on Global Oil and Gas Markets at the 25th WPC Energy Congress in Riyadh, Saudi Arabia.

The revision reflects weaker-than-anticipated demand growth. Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, participated in the discussion.

Al Ghais emphasized the necessity for sustained investment in the petroleum industry amid changing global market conditions. The announcement follows security concerns due to recent attacks on Riyadh’s King Khalid International Airport, which resulted in at least 12 fatalities and 309 injuries.

OPEC's decision also extends a pause in production increases as member countries assess market conditions.