OPEC Cuts Demand Forecast Again as the Oil Market Starts Looking Past Hormuz

OPEC has once more reduced its global oil demand growth projection for 2026, marking the third consecutive month of adjustments, despite the Gulf's crude production bouncing back and tanker traffic resuming in the Strait of Hormuz. The latest report from OPEC now expects a yearly demand increase of just 780,000 barrels per day, a significant drop from the previous forecast. This downward revision suggests that the market is increasingly looking past regional disruptions, highlighting a broader trend of shifting supply-demand dynamics that could impact global energy policies and market strategies.