The Organisation of Petroleum Exporting Countries (OPEC) announced on Wednesday that it will maintain its previous forecasts for global oil demand growth in 2025 and 2026.
In its monthly oil market report, OPEC projected a year-on-year increase of 1.3 million barrels per day (bpd) in both 2025 and 2026, unchanged from last month’s estimates.
“Total world oil demand is anticipated to average 105 million bpd in 2025, bolstered by strong air travel demand, robust road mobility, and continued activity in the industrial, construction, and agricultural sectors,” the report stated.
OPEC also noted that increased capacity and healthy petrochemical margins in non-OECD (Organisation for Economic Co-operation and Development) countries were expected to drive further growth in oil demand.
Despite steady global economic trends, OPEC slightly lowered its global economic growth forecast for 2025 by 0.1 percentage point to 2.9 per cent, citing recent tariff-related developments.
The forecast for 2026 remained unchanged at 3.1 per cent.
