OPEC's Unchanged Oil Demand Forecast for 2025

The Organization of the Petroleum Exporting Countries (OPEC) has decided to keep its global oil demand growth forecast for 2025 steady at 1.4 million barrels per day (bpd), as revealed in its January report. The projection for 2026 remains optimistic, with an expected growth of 1.4 million bpd.

Driving Forces Behind the Growth

According to OPEC, the anticipated growth is supported by robust air travel demand, healthy road mobility, including on-road diesel and trucking, alongside vigorous industrial, construction, and agricultural activities in non-OECD countries. Additionally, capacity expansions and favorable petrochemical margins are expected to further propel oil demand growth.

Global Oil Demand Projections

Total global oil demand is forecasted to hit 105.2 million bpd by 2025. The demand in non-OECD regions is expected to surge to 59.32 million bpd, whereas OECD countries are projected to see a modest increase of 110,000 bpd, reaching 45.88 million bpd.