OPEC cut its forecast for global oil demand growth in 2026 to 580,000 barrels a day from 780,000 barrels a day, citing prolonged supply disruptions as talks to reopen the Strait of Hormuz remained stalled and risks in the Red Sea persisted. The latest revision extends a run of downgrades to the producer group's demand outlook. At the same time, OPEC raised its forecast for 2027 oil demand growth to 2.16 million barrels a day from 1.94 million barrels a day.