World News
OPEC Trims 2026 Oil Demand Growth Forecast, Raises 2027 Outlook
OPEC has reduced its forecast for global oil demand growth in 2026, while becoming more optimistic about demand prospects for the following year.
Global oil demand is now expected to grow by 970,000 b/d in 2026, down from the 1.17 million b/d increase forecast in its May report, it said its June monthly oil market report release on Thursday.
The downgrade was driven by weaker expected oil demand growth in China, India and other developing economies.
OPEC now sees non-OECD oil demand increasing by 910,000 b/d in 2026, compared with 1.06 million b/d projected a month earlier.
Despite the lower 2026 forecast, OPEC raised its outlook for 2027.
The group now expects global oil demand to grow by 1.73 million b/d next year, up from the 1.54 million b/d increase forecast in May.
OPEC said China, India and other Asian economies are expected to remain the main drivers of oil demand growth next year, supported by air travel, road mobility and manufacturing activity.
OPEC+ crude output averaged 33.13 million b/d of crude oil in May, down 190,000 b/d month-on-month, citing secondary sources.
The group added that May crude prices remained supported by tight prompt supply conditions, although expectations of improving supply availability later in the month weighed on market sentiment.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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