OPEC has slashed its 2026 global oil demand growth forecast by over 70%, revising the projection down from 1.4 million barrels per day (bpd) to 400,000 bpd. Secretary-General Haitham Al Ghais announced the revision on Monday, citing weaker-than-anticipated consumption patterns. The adjustment comes amid heightened regional security concerns in Saudi Arabia and follows the recent decision by OPEC+ nations to maintain existing production targets. Despite the global demand outlook, Nigeria continues to consistently meet its OPEC production quota of 1.5 million bpd.