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.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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