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

In absolute terms, oil demand will reach 105.2 mbd in 2025, and 106.63 mbd in 2026, the oil cartel projects

MOSCOW, March 12. /TASS/. Global oil demand growth is expected at 1.4 mln barrels per day (bpd) in 2025 and 2026, OPEC said in its March report. The organization has not changed its demand growth outlook since the beginning of the year.

In absolute terms, oil demand will reach 105.2 mbd in 2025, and 106.63 mbd in 2026, the oil cartel projects.

OPEC expects demand to grow mainly due to China, India, other Asian countries, as well as Middle Eastern and Latin American states.

Moreover, OPEC also maintained its outlook on growth of oil supply from non-OPEC+ countries at 1 mbd for 2025 and 2026. In absolute terms, oil supply from non-OPEC countries is projected at 54.21 mbd this year, and 55.21 mbd next year.

This year the strongest increase in oil production is expected in the US, Brazil, Canada, and Norway, while the largest decline in output is projected in Angola. Next year OPEC expects the strongest growth of oil supply in the US, Brazil, Canada, and Argentina, whereas the largest decline is projected in Norway.

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