According to a report by SunSirs on June 12, the Organization of the Petroleum Exporting Countries (OPEC) released its monthly report, lowering its forecast for global oil demand growth in 2026 to 970,000 barrels per day—marking the second consecutive month of downward revisions.

OPEC’s decision to lower the 2026 global oil demand growth forecast to 970,000 barrels per day for the second month in a row reflects weakening expectations for global crude oil demand; this bearish factor on the demand side exerts downward pressure on both crude oil spot and futures prices.

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