OPEC has maintained its global oil demand growth forecast for 2025, expecting steady growth at the same rate in the following year.
In its monthly report released on Wednesday, the organization confirmed that global crude oil demand is set to rise by 1.4 million barrels per day (bpd) this year, in line with its December projections.
Looking ahead to 2026, OPEC predicts similar growth of 1.4 million bpd, with non-OECD countries accounting for most of this increase—1.3 million bpd.
The Vienna-based organization also expects global economic growth of 3.1% in 2025, unchanged from its previous forecast. However, it has raised its 2026 growth outlook to 3.2%, up from 3%. This revision reflects improved inflation expectations and anticipated adjustments in monetary policies from key economies.
OPEC emphasized that the services sector will continue to be the main driver of economic growth, supported by a gradual recovery in industrial production.
Additionally, OPEC has slightly reduced its 2025 oil demand forecast for non-OPEC+ countries by 0.1 million bpd, now estimating total demand at 42.5 million bpd. This revision is due to changes in 2024 base year data, but it still represents a 0.3 million bpd increase compared to last year’s demand forecast.
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