Commodities
OPEC lowers 2026 global oil demand projection as Brent crude slides to $71.80
OPEC lowered its 2026 global oil demand forecast for a fourth consecutive month, pushing benchmark Brent crude futures down toward $71.80 per barrel.
Key points
- OPEC trimmed its 2026 world oil demand expansion forecast by 110,000 barrels per day to 1.54 million bpd.
- Benchmark Brent futures declined 2.3% to test $71.80 per barrel as supply buffers outside OPEC+ expanded.
- Weak regional refining margins in Europe and cooling industrial consumption prompted the repeated downward revisions.
The Organization of the Petroleum Exporting Countries lowered its expectations for world oil consumption growth on Tuesday, November 11, marking the producer cartel's fourth consecutive monthly downgrade as international crude benchmarks came under sustained selling pressure.
In its Monthly Oil Market Report for November, OPEC reduced its 2026 global demand growth forecast by 110,000 barrels per day to 1.54 million bpd, down from 1.65 million bpd projected in October. The Vienna-based secretariat cited softer fuel consumption data from major Asian manufacturing centers, slowing transport fuel demand, and the gradual adoption of electric mobility across commercial transport fleets.
The demand reduction arrives as supply from producers outside the broader OPEC+ alliance continues to expand steadily. Record crude extraction across the United States, Guyana, Canada, and Brazil has added substantial supply volumes to international maritime routes, limiting the ability of producer quotas to tighten commercial inventories in OECD consumer nations.
Crude futures responded with immediate declines across transatlantic trading desks. Front-month Brent crude contracts fell $1.70 to test $71.80 per barrel, while West Texas Intermediate slipped toward $67.90. Energy equity indices in London and New York underperformed broader market benchmarks as refining margins contracted to multi-year seasonal lows.
