OPEC's Unchanged Oil Demand Growth Projection for 2025

In its latest March report, the Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth in 2025 at 1.4 million barrels per day (bpd). This projection remains consistent with its previous estimates, highlighting a stable outlook despite fluctuating global economic conditions.

Breaking down the forecast, OECD countries are anticipated to contribute an additional 0.1 million bpd to the global demand. Meanwhile, non-OECD countries are expected to drive the majority of the growth, with an increase of 1.3 million bpd. OPEC attributes this robust demand to several factors, including a surge in air travel, sustained road mobility, and vigorous industrial, construction, and agricultural activities in non-OECD regions.

Looking Ahead to 2026

Looking further ahead, OPEC projects that the world oil demand will continue to grow by 1.4 million bpd in 2026, reaching a total of 106.6 million bpd. This forecast remains unchanged from the February report, indicating a steady demand trajectory. OECD countries are expected to see a modest growth of 0.1 million bpd, while non-OECD countries are forecasted to account for the lion's share of the increase, with an addition of approximately 1.3 million bpd.