The Organization of the Petroleum Exporting Countries reduced its 2026 oil demand growth forecast to 380,000 barrels a day in its Monthly Oil Market Report released Thursday in Vienna. This marks the fifth consecutive monthly revision, bringing the estimate nearly 1 million barrels a day below April's 1.4 million projection. The developed economies of the OECD are now a drag, with demand expected to fall by 110,000 barrels a day, while demand outside the OECD grows by 490,000.

For 2027, the outlook strengthens, revised upward to 2.36 million barrels a day from the previous month. Supply growth from outside the producer coalition is forecast at 600,000 barrels a day, exceeding the demand outlook. Brazil, the United States, Canada, and Argentina are named as the main drivers of this supply increase.

The report's summary rounds the 2026 figure to about 0.4 million and the 2027 figure to about 2.4 million. The annual arithmetic still tilts toward supply, as demand growth has been cut for five straight months and now relies entirely on economies outside the developed world.