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15 Jan, 13:40

OPEC expects growth of global oil demand in 2025, 2026 by 1.4 mbd per year

OPEC expects growth of consumption to be mainly ensured by China, India, other Asian countries, as well as Middle Eastern and Latin American countries

MOSCOW, January 15. /TASS/. OPEC’s outlook on growth of global oil demand for 2025 remained unchanged at 1.4 mln barrels per day (mbd), the oil cartel said in its January report. In 2026, demand is also expected to grow by 1.4 mbd.

In absolute terms, oil demand is projected to reach 105.2 mbd in 2025 and 106.63 mbd in 2026, according to OPEC.

Non-OECD countries are expected to become the main drivers of oil demand both this and next year, representing an increase in demand at the level of 1.3 mbd. OPEC expects growth of consumption to be mainly ensured by China, India, other Asian countries, as well as Middle Eastern and Latin American countries. In OECD states, oil demand is projected to grow by 0.1 mbd both in 2025 and 2026.

OPEC also suggests that non-OPEC+ nations will ensure growth of oil supply in the volume of 1.1 mln barrels per day in each of 2025 and 2026.

In absolute terms, non-OPEC+ countries will ensure oil supply in the volume of 54.3 mbd in 2025 and 55.4 mbd in 2026.

Both this and next year the US, Brazil and Canada are expected to be the main drivers of oil supply growth, while the largest decline in output is projected in Angola.

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