According to OPEC's monthly report, OPEC lowered its forecast for global oil demand growth in 2026 to 380,000 barrels per day. This is the fifth time in a row that it has been lowered. The OPEC still believes that the impact on consumption since the outbreak of the war in Iran has been less than that of other forecasters such as the International Energy Agency — the latter predicts a decline in demand in 2026. The report also shows that although OPEC lowered its oil demand growth forecast for this year, it raised its 2027 oil demand growth forecast. OPEC raised its forecast for global oil demand growth in 2027 to 2.36 million b/d. The forecast for global oil demand growth in 2026 was lowered to 380,000 b/d. OPEC and former member UAE crude oil production averaged 38.05 million b/d in August 2026, an increase of about 300,000 b/d over July. Russia's oil production in August fell 160,000 b/d from July to 8.718 million b/d.

According to OPEC's monthly report, OPEC lowered its forecast for global oil demand growth in 2026 to 380,000 barrels per day. This is the fifth time in a row that it has been lowered. The OPEC still believes that the impact on consumption since the outbreak of the war in Iran has been less than that of other forecasters such as the International Energy Agency — the latter predicts a decline in demand in 2026. The report also shows that although OPEC lowered its oil demand growth forecast for this year, it raised its 2027 oil demand growth forecast. OPEC raised its forecast for global oil demand growth in 2027 to 2.36 million b/d. The forecast for global oil demand growth in 2026 was lowered to 380,000 b/d. OPEC and former member UAE crude oil production averaged 38.05 million b/d in August 2026, an increase of about 300,000 b/d over July. Russia's oil production in August fell 160,000 b/d from July to 8.718 million b/d.