OPEC Monthly Oil Market Report - August 2026 edition
OPEC's August 2026 Monthly Oil Market Report, released Wednesday, August 12, 2026, cut its forecast for 2026 global oil demand growth to 580,000 barrels per day from a July estimate of 780,000 bpd. The downgrade came alongside a similar cut by the International Energy Agency, both citing the continued closure of the Strait of Hormuz.
Recorded figures
- 2026 oil demand growth forecast
- 580,000 bpd
- Previous forecast (July)
- 780,000 bpd
As of Aug 12, 2026
Media
Archival image of OPEC, the Organization of the Petroleum Exporting Countries, August 13, 2026
Source: Daily Sabah
Sources
Cited Jul 25, 2026
Oilprice.com · Oilprice.com
OPEC also lowered its 2026 demand growth forecast to 580,000 bpd from 780,000 bpd in July.
Cited Aug 13, 2026
Related events
IEA Oil Market Report - September 2026 edition
The IEA releases its monthly Oil Market Report on September 11, 2026.
68th OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting
The OPEC+ Joint Ministerial Monitoring Committee, made up of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, convenes on October 4, 2026. The committee reviews members' conformity with production commitments and the delivery of compensation plans, and holds no authority to set output levels. The date was announced at the close of the 67th meeting on August 2, 2026.
42nd OPEC and non-OPEC Ministerial Meeting
The 42nd OPEC and non-OPEC Ministerial Meeting is held in Vienna on November 29, 2026. The meeting sets member production levels for the coming period and affects global oil prices and Iran's economy.
Russia gasoline and diesel export ban expires (31 January 2027)
The Russian government said in a statement on 30 July 2026 (8 Mordad 1405) that it had extended its ban on gasoline and diesel exports until 31 January 2027 (11 Dey 1405). The new scope also covers marine fuel and gasoil, while some fuel exports continue under intergovernmental agreements and as humanitarian aid. The date recorded here is the announced end of the ban period.
OPEC+ voluntary producers monthly meeting - September 2026
Seven OPEC+ members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) hold their monthly online meeting to review oil market conditions and set the following month's production level. The session continues the phased unwinding of the April 2023 voluntary supply cuts. The date was announced by the OPEC Secretariat at the close of the August 2, 2026 meeting.