OPEC is holding steady on its upbeat oil demand forecast for 2026, expecting an increase of around 1.4 million barrels per day. This outlook remains unchanged from the previous month’s estimate and highlights the cartel’s confidence in continued global economic growth.

Iraq has pledged to stop purchasing an estimated $4 billion worth of gas from Iran by 2028, signaling a major shift in its energy strategy. Despite being OPEC’s second-largest oil producer, decades of mismanagement and underinvestment have left Iraq’s power grid heavily reliant on imported energy.

OPEC has firmly rejected recent media reports suggesting a major oil production hike ahead of a high-profile G8 meeting. The clarification arrives amid market speculation surrounding Crude Oil WTI Futures, reminding observers that the group’s official stance remains unchanged.