OPEC has revised its 2026 global oil demand growth forecast downward, reducing it from 780,000 to 580,000 barrels per day, a cut of 200,000 barrels per day. This adjustment, detailed in the organization’s monthly report, reflects a more subdued outlook for oil demand in the coming years. Market participants interpret this revision as indicative of a less favorable environment for crude oil prices reaching new all-time highs. The implied probability for crude oil reaching a new all-time high by September 30 is currently priced at 3.5%.
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