OPEC Lowers Oil Demand Growth Forecast in Oil & Companies News 12/06/2026 Crude Oil Price Movements In May, the OPEC Reference Basket (ORB) value rose by $5.49/b, m-o-m, to average $114.55/b. The ICE Brent front-month contract rose in May by $1.25/b, m-o-m, to average $103.71/b, while the NYMEX WTI front-month contract dropped by $0.16/b, m-o-m, to average $98.51/b. The GME Oman front-month contract dropped by $1.81/b, m-o-m, to $102.10/b. The Brent–WTI futures spread widened by $1.41/b, m-o-m, to average at a premium of $5.20/b in May. The forward curves for key crude futures benchmarks remained steeply backwardated throughout May. Hedge funds and other money managers cut their long positions in both Brent and WTI futures contracts in May, reflecting expectations of easing tensions in the Middle East. World Economy The global economic growth forecasts for 2026 and 2027 remain unchanged at a healthy 3.1% and 3.2%, respectively. The US economic growth forecasts remain unchanged at 2.2% for 2026 and at 2.0% for 2027. In the Eurozone, the 2026 economic growth forecast is revised slightly down to 1.0% but remains at 1.2% for 2027. Japan’s economic growth forecasts remain at 0.8% for 2026 and 0.9% for 2027. The economic growth forecasts for China remain at 4.6% for 2026 and 4.5% for 2027. India’s economic growth forecast remains at 6.6% for 2026 and 6.5% for 2027. Brazil’s economic growth forecasts remain at 2.0% for 2026 and 2.2% for 2027. Russia’s economic growth forecasts remain at 1.3% for 2026 and 1.5% for 2027. World Oil Demand Global oil demand is forecast to grow by a healthy 1.0 mb/d in 2026, y-o-y. The OECD is forecast to grow by about 0.1 mb/d, while the non-OECD is forecast to grow by about 0.9 mb/d. Global oil demand in 2027 is forecast to grow by about 1.7 mb/d, y-o-y, following an upward revision of about 0.2 mb/d from last month’s assessment. The OECD is forecast to grow by 0.2 mb/d, while the non-OECD is forecast to grow by about 1.5 mb/d. World Oil