OPEC on Wednesday lowered its forecast for world oil demand growth in 2026 to 580,000 barrels per day, a copy of its monthly report showed, marking the fourth straight downward revision.

The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the International Energy Agency, which expects demand to decline in 2026. OPEC also raised its forecast for 2027 oil demand growth. Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said on Wednesday, as renewed hostilities in the Middle East disrupt supplies.