OPEC lowered its forecast for world oil demand growth in 2026 to 780,000 barrels per day, a copy ​of its monthly report showed, marking the third straight downward revision

OPEC+ oil-producing ​countries will likely agree on a further hike in their output targets from August when they ‌meet on Sunday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reopens

es walk away less than two months ago.

Iraq is the group’s second-largest producer after Saudi Arabia and one of its five founding members. OPEC was formed in the Iraqi capital in 1960

A ​large supply surplus in 2027 could “provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to ⁠build new strategic reserves,” the IEA said

The current forecast reduced the expected oil ​demand growth this year from 1.17 million barrels per day as previously seen. For 2027, ​OPEC expects oil demand to rise by 1.73 million bpd,

OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output

OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz

Another quota increase would show the group is approaching business as usual ​despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in ​May of the United Arab Emirates

Leading OPEC+ members plan to continue monthly oil quota hikes through September to complete the restoration of production cuts implemented in 2023

A survey found that crude output from the 12 members of the Organization of the Petroleum Exporting Countries fell by 830,000 barrels per day (bpd) in April from the previous month to 20.04 million bpd