OPEC has revised downward its forecast for global oil demand growth in 2026, the organization announced, reflecting concerns about future consumption patterns in the global energy market.

Meanwhile, Saudi Arabia reported to OPEC that its oil output has fallen to the lowest level since 1990, marking a significant reduction in production from the world's largest oil exporter. The kingdom's production cuts represent the steepest decline in over three decades, according to data provided to the oil cartel.

In the United States, crude oil inventories dropped by 4.3 million barrels during the week ending May 8, according to the Energy Information Administration. The decline exceeded analyst expectations of a 2.3 million barrel decrease and brought U.S. stockpiles to approximately 0.3% below the five-year average for this time of year.

The inventory draw represents the third consecutive weekly decline in U.S. crude stocks, suggesting steady demand or reduced supply in the American market. The combination of falling inventories and production cuts by major oil producers could influence global energy prices and market dynamics.

These developments come amid ongoing efforts by OPEC and its allies to manage global oil supply and support prices through coordinated production adjustments. The revised demand forecast and production cuts reflect the organization's strategy to balance market conditions.