Logo ofOPEC
OPEC lowered its forecast for global oil demand growth this year for the second month in a row, while raising its projections for the following year. 
In its report released on June 11, the organization projected that global oil demand will grow by 1 million barrels per day (bpd) his year. It also expects demand to increase by approximately 1.7 million bpd in 2027.
The report also noted that Iran’s crude oil production fell by 19% in May, reaching 2.33 million bpd amid the US blockade imposed on the country’s ports.
Logo ofOPEC
OPEC lowered its forecast for global oil demand growth this year for the second month in a row, while raising its projections for the following year.
In its report released on June 11, the organization projected that global oil demand will grow by 1 million barrels per day (bpd) his year. It also expects demand to increase by approximately 1.7 million bpd in 2027.
The report also noted that Iran’s crude oil production fell by 19% in May, reaching 2.33 million bpd amid the US blockade imposed on the country’s ports.
