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

OPEC has trimmed its 2026 global oil demand growth forecast for the third straight month, even as crude production rebounds across the Gulf and tanker traffic slowly returns to the Strait of Hormuz.

In its monthly oil market report released Monday, OPEC lowered expected oil demand growth this year to 780,000 barrels per day, down another 190,000 bpd from last month's forecast.

The producer group still expects stronger consumption than many other forecasters, including the International Energy Agency, and even raised its demand growth estimate for…