OPEC sees slower demand growth this year as production falls more than 30% on Hormuz closure

Jonathan Raa | Nurphoto | Getty Images Oil production among OPEC members fell further in April and is down more than 30% since the start of the Iran war in late February, the cartel said in its latest monthly update on Wednesday. OPEC also lowered its demand growth forecast for 2026 to around 1.2 million barrels per day, down from about 1.4 million bpd previously. …