OPEC maintained its forecast for global economic growth at 3.1% in 2026 and kept its forecast for global economic growth at 3.2% in 2027.

Regarding the oil market, the organization lowered its forecast for global oil demand growth to 1 million barrels per day in 2026, while raising its forecast for demand growth to 1.7 million barrels per day in 2027.

OPEC also confirmed its forecast for supply growth from outside the Declaration of Cooperation countries at 0.6 million barrels per day in both 2026 and 2027.

In contrast, the organization lowered its forecast for demand for oil from the Cooperation Declaration countries to 42.5 million barrels per day in 2026, while maintaining its estimate for demand for oil from the Cooperation Declaration countries at 43.5 million barrels per day in 2027.

Regarding production, the report showed that OPEC countries' oil production fell by about 177,000 barrels per day to 18.8 million barrels per day during May.

Production from non-OPEC countries participating in the Declaration of Cooperation also declined by 9,000 barrels per day to 14.3 million barrels per day, while the total production of the Declaration of Cooperation countries decreased by about 185,000 barrels per day to 33.1 million barrels per day during May.

The report noted that Saudi Arabia’s oil production rose by 157,000 barrels per day during May, and the UAE’s production increased by 87,000 barrels per day to reach 2.1 million barrels per day.

In contrast, Iran’s oil production has seen a sharp decline, falling by more than half a million barrels per day during May.

Increase production

On Sunday, June 7, the OPEC+ alliance agreed to a fourth increase in oil production targets for the fourth consecutive month, even though the US war on Iran continues to hinder the ability of member states in the bloc to pump more crude oil.

The organization added that the countries participating in the amendment, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, affirmed their continued commitment to supporting the stability and balance of global oil markets.

OPEC added that the seven countries agreed to implement an adjustment in production levels, bringing the total increase to 188,000 barrels per day during July, as part of the alliance's efforts to manage supplies and keep pace with market developments.