OPEC expects a smaller impact on oil consumption and forecasts a recovery in demand by the end of the year

OPEC has published a monthly report highlighting that it expects a smaller impact on oil consumption following the recent conflict in the Middle East, compared to estimates from other institutions, such as the International Energy Agency.

The organization forecasts a recovery in consumption towards the end of 2026, with an estimated increase in global oil demand of approximately 1.94 million bpd in 2027, a revision upward by 200,000 bpd compared to the previous forecast.

Additionally, OPEC+ has agreed to resume production increases from April, however, the closure of the Strait of Hormuz has complicated the implementation of these plans.

In the previous month, the average production of OPEC+ was 36.28 million bpd, an increase of three million bpd compared to May, taking into account the exit of the United Arab Emirates from OPEC on May 1.