OPEC Defends 1 Million bpd Demand View as Mideast Crisis Darkens Global Outlook
Updated
Updated · Energy Intelligence · Jun 11
OPEC Defends 1 Million bpd Demand View as Mideast Crisis Darkens Global Outlook
3 articles · Updated · Energy Intelligence · Jun 11
Summary
OPEC kept a comparatively upbeat view of the global economy and oil demand even as the Mideast crisis increasingly drives energy-market disruption, trade dislocation and higher inflation expectations.
That stance leaves the producer group more isolated from a broader market mood that has turned more cautious as the conflict's fallout spreads beyond crude prices.
Earlier on June 11, OPEC cut its 2026 oil demand growth forecast to 970,000 bpd from 1.17 million bpd, citing the Iran war and the Strait of Hormuz closure.
Even after that downgrade, OPEC still projected demand growth near 1 million bpd and a relatively tight oil market through 2027, underscoring its more resilient long-term view.