Oil remain steady at $106 amid mixed signals from OPEC

May 14, 2026 (MLN): Crude oil prices remain steady on Thursday, caught between a downward revision to demand expectations from OPEC and fresh warnings from the International Energy Agency about heightened market volatility in the months ahead.

Currently, Brent crude futures are up by $0.11, or 0.1%, to $106.04 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are slightly up by $0.46 or 0.46%, to $101.46 per barrel by [09:29 am] PST.

OPEC revised its 2026 demand growth projection down to 1.2 million barrels per day, pulling back from its earlier estimate of 1.4 million bpd.

The cartel's output has taken a significant hit in recent months, dropping 1.7 million bpd in April alone, part of a broader decline exceeding 30%, or roughly 9.7 million bpd, since the Iran conflict erupted in late February, according to CNBC.

Beyond supply fundamentals, market participants are keeping a close eye on diplomatic developments, with a high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping drawing particular attention for its potential implications on global energy demand.

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