S&P Global Energy has reduced its global oil demand forecast for 2026 by 700,000 barrels per day, as the U.S.–Iran war disrupts energy supplies from the Middle East and weakens demand in the second quarter, consultant Ethan Ng said on Thursday.

The Energy Information Administration of the US Department of Energy (EIA) has lowered its forecasts for global demand growth for oil and liquid hydrocarbons (LH) due to retrospective adjustments, while the expectations for demand themselves have become higher, says the EIA in its monthly report , News.az reports.

Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from October, according to data, analysts and industry sources, News.az reports citing Reuters .

The Organization of Petroleum Exporting Countries (OPEC) once again maintained its forecast for global oil demand growth in 2024 and 2025 at 2.2 mln barrels per day (bpd) and 1.8 mln bpd, respectively, according to the June OPEC report.

Global oil demand continues to grow and developing countries will be the main drivers of oil consumption for the next decades, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum.