The Organization of the Petroleum Exporting Countries (OPEC) released its monthly Oil Market Report on the 13th, lowering its previous forecast for global oil demand growth in 2026, while raising the growth forecast for 2027.

The report projected that global oil demand in 2026 will rise by 1.17 million barrels per day year-on-year to 106.33 million barrels per day, compared with the April forecast of a 1.38 million barrels per day increase for 2026. It also estimated that global oil demand in 2027 will grow by 1.54 million barrels per day from 2026 to 107.87 million barrels per day, higher than the April projection of 1.34 million barrels per day.

According to the report, OPEC+ crude oil output stood at 33.19 million barrels per day in April 2026, down 1.74 million barrels per day from March. OPEC+ is an alliance of oil-producing nations comprising OPEC member countries and non-OPEC oil producers such as Russia.