OPEC lowers second-quarter global oil demand forecast on Iran war

By Alex Lawler

LONDON, April 13 (Reuters) - OPEC connected Monday lowered its forecast for satellite lipid request successful the 2nd 4th by 500,000 barrels per day, the shaper ‌group's monthly lipid study showed successful its archetypal nationalist appraisal of the Iran war's ‌impact connected the market.

OPEC sees a smaller deed to lipid request from the warfare this twelvemonth than immoderate different ​forecasters, specified arsenic the U.S. government's Energy Information Administration nL6N40Q0XR. OPEC besides made nary alteration to its full-year outlook arsenic it sees depletion rebounding successful aboriginal months.

The warfare has efficaciously closed the Strait of Hormuz, the world’s astir important lipid route, shutting successful millions of barrels of Middle East accumulation and ‌sending substance prices soaring. The terms ⁠surge is pressuring consumers and businesses crossed the globe, and triggering authorities enactment to conserve supplies.

Global lipid request is projected to mean 105.07 cardinal bpd ⁠in the 2nd quarter, OPEC's study said, down from the 105.57 cardinal bpd forecast successful past month's report.

"The request maturation for the 2nd 4th of 2026 is revised down for some the OECD and ​non-OECD, ​driven chiefly by flimsy transitory weakness successful lipid request ​growth, fixed ongoing developments successful the ‌Middle East," OPEC said, referring to countries wrong oregon extracurricular the Organisation for Economic Co-operation and Development grouping of industrialised nations.

OPEC+ OIL OUTPUT PLUNGES IN MARCH

OPEC kept unchanged its forecast that satellite lipid request volition emergence by 1.38 cardinal bpd successful 2026, successful opposition to the EIA which halved its prediction successful an April 7 report.

OPEC+, which includes the Organization of the Petroleum Exporting Countries positive ‌other producers specified arsenic Russia, had agreed to resume ​oil accumulation hikes arsenic of April, though the study ​highlighted however steeply output has fallen since ​the Iran struggle began astatine the extremity of February.

Crude lipid output by ‌OPEC+ averaged 35.06 cardinal bpd successful March, ​down 7.70 cardinal bpd from ​February, citing secondary sources, the study showed, with Iraq and Saudi Arabia making the biggest cuts.

OPEC+ agreed nL6N40O02A connected April 5 to rise its lipid output quotas by 206,000 ​bpd for May, a humble ‌rise that volition mostly beryllium connected insubstantial arsenic agelong arsenic cardinal members are incapable ​to rise accumulation owed to the effectual Hormuz blockage.

(Reporting by Alex Lawler; Editing ​by Joe Bavier, David Goodman and Susan Fenton)