OPEC: oil supply expected to match demand in 2026

OPEC has lowered its oil demand forecast for 2026, signaling a balance between supply and demand that briefly pushed crude prices to three-week lows.

OPEC has revised down its oil demand forecasts for next year, predicting that supply will match demand. The announcement caused crude prices to slip to three-week lows yesterday, although they recovered some losses today: Brent crude, North Sea oil, fell 0.32% to $62.50 per barrel, while West Texas Intermediate dropped 0.31% to $58.39 per barrel.

The organization now projects oil demand in 2026 at 43 million barrels per day, a decrease of 100,000 barrels per day compared to its previous forecast.