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OPEC maintains projections on growth of global oil demand for 2025, 2026

China, India, other Asian countries, as well as Latin American and Middle Eastern states, are expected to be the main drivers of oil demand growth

MOSCOW, February 12. /TASS/. Global oil demand is expected to grow by 1.4 mln barrels per day (mbd) in 2025 and 2026, OPEC said in its February report. Consequently, the outlook remained unchanged compared with the oil cartel’s previous estimation.

In absolute terms the demand for crude oil will reach 105.2 mbd in 2025, and 106.63 mbd in 2026, according to OPEC.

China, India, other Asian countries, as well as Latin American and Middle Eastern states, are expected to be the main drivers of oil demand growth.

Meanwhile OPEC downgraded its outlook on growth of oil supply from non-OPEC+ countries in 2025 by 0.1 mln barrels per day (mbd) to 1 mbd. The forecast for 2026 was also downgraded by 0.1 mbd to 1 mbd. In absolute terms in non-OPEC+ states oil supply is expected at 54.2 mbd in 2025, and at 55.2 mbd in 2026.