OPEC Trims Global Oil Demand Growth Forecasts Amid Strait of Hormuz Geopolitical Tensions

The Organization of the Petroleum Exporting Countries (OPEC) has revised down its global oil demand growth forecast for the current year to 780,000 barrels per day. This marks the third consecutive downward revision, driven primarily by ongoing geopolitical disruptions in vital shipping lanes. OPEC noted in its monthly report that the global economy remains resilient and could perform better if energy corridors stabilize. Conversely, OPEC adjusted its demand growth forecast upward for the consecutive year to 1.94 million barrels per day. The report also highlighted production fluctuations in the Middle East due to regional shipping constraints, while OPEC+ alliance production levels adapted to maintain global market equilibrium.