economy
OPEC cuts oil demand forecast again as Strait of Hormuz closure continues
The Organization of the Petroleum Exporting Countries cut the expected global oil demand for 2026 again on Thursday.
TL;DR
- OPEC has again lowered its global oil demand forecast for 2026, revising it down to 970,000 barrels per day from 1.17 million.
- This is the second consecutive month of downward revision by OPEC, following a fall from 1.38 million barrels per day in April.
- The report was released amid heightened tensions in the Strait of Hormuz, with Iran announcing a full closure of the waterway.
- Iran's crude oil production fell by 546,000 barrels per day from April to May, the only OPEC nation to record a drop.
- US President Donald Trump stated that the US controls the Strait of Hormuz and announced further strikes against Iran.