Brent Slips to $105.42 as OPEC Cuts 2026 Demand Growth to 1.2 Million Bpd
Updated
Updated · CNBC · May 14
Brent Slips to $105.42 as OPEC Cuts 2026 Demand Growth to 1.2 Million Bpd
11 articles · Updated · CNBC · May 14
$105.42 Brent and $100.87 WTI edged lower Thursday after both benchmarks briefly traded higher, leaving oil directionless as traders balanced weaker demand signals against war-driven supply losses.
OPEC cut its 2026 demand-growth forecast to about 1.2 million barrels per day from 1.4 million bpd, while saying its own output fell 1.7 million bpd in April.
The IEA said more than 14 million bpd of Gulf supply is now offline, pushing cumulative losses above 1 billion barrels as the Strait of Hormuz disruption drains inventories at a record pace.
That supply shock could keep prices volatile into peak summer demand, with traders also watching whether Donald Trump and Xi Jinping can help ease a war that threatens Middle East energy infrastructure.
With conflicting OPEC and IEA forecasts, is the oil market facing a supply crisis or a demand collapse?
Will the Hormuz crisis permanently reroute global energy trade and fast-track the transition to renewables?
Are massive strategic reserve releases a real solution or just delaying an inevitable oil price shock?
Global Oil Market in Crisis: May 2026 Price Surge, Hormuz Blockade, and Economic Fallout
Overview
As of May 13, 2026, the global oil market is marked by constant price changes driven by active futures trading and continuous participation from individuals and companies. Recently, there has been a significant slowdown in refinery activity and crude imports, with major reductions seen in China, Japan, Korea, and India. This drop in demand has temporarily eased crude market tensions, but tightness is now shifting to refined product markets. These dynamic shifts highlight how interconnected trading activity and changes in refinery operations directly impact global oil prices and supply, shaping the current volatile market environment.