OPEC+ Output Crashes 1.74 Million BPD as OPEC Cuts 2026 Oil Demand Forecast

OPEC cut its 2026 global oil demand growth forecast to 1.17 million bpd from the earlier 1.38 million bpd estimate. The group now sees world oil demand in Q2 2026 at 104.57 million bpd versus the previous forecast of 105.07 million bpd.

At the same time, OPEC raised its 2027 global oil demand growth forecast to 1.54 million bpd from 1.34 million bpd earlier, signaling stronger long term consumption expectations despite near term slowdown concerns.

OPEC+ crude output averaged 33.19 million bpd in April 2026, down 1.74 million bpd from March levels. The decline came as the Iran war prompted several Middle East producers to reduce output.

OPEC’s own crude production also dropped sharply in April. According to secondary sources, OPEC crude output fell by 1.7 million bpd to 18.98 million bpd during the month.

OPEC kept its 2026 global economic growth forecast unchanged at 3.1% and maintained the 2027 forecast at 3.2%, indicating stable expectations for the broader world economy.

The group also left its U.S. economic growth forecast unchanged at 2.2% for 2026 and 2% for 2027, showing no major revision in expectations for the American economy.

For Europe, OPEC trimmed the Eurozone 2026 economic growth forecast to 1.1% from 1.2%. However, it kept the 2027 Eurozone growth outlook unchanged at 1.2%.

OPEC also maintained its non DoC supply growth forecast at 630,000 bpd for 2026 and 620,000 bpd for 2027. Non DoC refers to countries outside the Declaration of Cooperation framework.