OPEC Monthly Oil Market Report - July 2026 edition

OPEC published the July edition of its Monthly Oil Market Report (MOMR). The report cut the 2026 world oil demand growth forecast to about 780,000 barrels per day (from 970,000 bpd previously), a third consecutive monthly downgrade driven mainly by softer Chinese and Indian consumption. In the same report OPEC raised its 2027 demand growth forecast to roughly 1.94 million barrels per day. Global oil demand is the single most Iran-relevant external variable for the country's oil revenue.