In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) reduced its global oil demand growth forecast for the current year to 780,000 barrels per day (bpd), down from the previous estimate of 970,000 bpd, marking its
third consecutive downward revision. The organization attributed this adjustment to ongoing geopolitical tensions and their impact on energy supply routes in the Middle East. Conversely, OPEC raised its demand growth forecast for the upcoming year to 1.94 million bpd. The
report noted that production rates fluctuated due to temporary closures of strategic maritime corridors, while OPEC+ alliance production showed relative recovery, reaching 36.28 million bpd following the resumption of output in several exporting nations.
