OPEC cut its Q2 2026 global oil demand forecast by 500,000 barrels per day to 105.07 million bpd.
The revision reflects transitory weakness amid the Iran war, which has closed the Strait of Hormuz and raised fuel prices.
OPEC sees a smaller demand impact than the U.S. EIA and leaves its full‑year outlook unchanged, expecting a rebound later.
Governments are urged to conserve supplies as higher oil prices pressure consumers and businesses worldwide.