The Organisation of the Petroleum Exporting Countries has cut its global oil demand growth forecast for 2026 by more than 70 per cent, lowering its projection from 1.4 million barrels per day to 400,000 bpd amid weaker-than-expected demand growth.
OPEC Secretary-General Haitham Al Ghais disclosed the revised outlook on Monday, October 12, 2026, during a ministerial session titled Perspectives on Global Oil and Gas Markets at the 25th WPC Energy Congress in Riyadh, Saudi Arabia.
The announcement comes amid renewed drone and missile threats facing Saudi Arabia, following deadly attacks on Riyadh’s King Khalid International Airport over the weekend.
Al Ghais said the reduction in OPEC’s 2026 global oil demand growth forecast from 1.4 million barrels per day (bpd) to 400,000 bpd represents a downward revision of about 71.4 per cent, reflecting changing market conditions throughout the year.
Despite the sharp downgrade, OPEC expects some of the oil consumption growth anticipated but not realised in 2026 to be carried over into 2027, potentially supporting stronger demand growth next year.
The organisation had initially projected global oil demand growth of 1.4 million barrels per day (bpd) in 2026 before revising its estimate down to 400,000 bpd.
The ministerial session also featured Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, and Algeria’s Minister of State for Hydrocarbons, Mohamed Arkab.
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also participated in the ministerial session.
Al Ghais stressed the need for sustained investment across the petroleum industry to ensure supply meets future demand amid changing conditions in the global oil market.
Security concerns surrounding the congress follow Saturday’s attack on King Khalid International Airport in Riyadh, which killed at least 12 people and injured 309 others, according to Saudi authorities.
A separate strike on Sunday killed another person and injured 11 others, heightening concerns over the security of critical infrastructure in Saudi Arabia, the world’s largest crude oil exporter.
