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OPEC forecasts global oil demand to grow in 2025

OPEC kept the forecast for the increase of oil supply from non-OPEC+ countries at the level of 0.6 mln bpd in 2026 and increased it to 1 mln bpd for 2025

MOSCOW, December 11. /TASS/. The global oil demand may grow in 2025 by 1.3 mln barrels per day (bpd) to 105.14 mln bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report.

In 2026, OPEC expects the oil demand to grow worldwide by 1.4 mln bpd to 106.52 mln bpd.

The organization therefore kept their forecasts once again. The bulk of incremental growth will come from non-OECD countries - 1.2 mln bpd in each of 2026 and 2026.

OPEC also kept the forecast for the increase of oil supply from non-OPEC+ countries at the level of 0.6 mln bpd in 2026 and increased it to 1 mln bpd for 2025. The upward revision of the outlook is attributed to seasonal fluctuations and expected data for the fourth quarter, OPEC said. Liquid hydrocarbons production by non-OPEC+ countries will grow to 54.15 mln bpd in 2025 and to 54.78 mln bpd in 2026.

The United States. Canada, Brazil and Argentina will be the main drivers of oil supplies growth among non-OPEC+ countries.

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