OPEC's Unchanged Oil Demand Growth Forecast for 2025

The Organization of the Petroleum Exporting Countries (OPEC) has kept its global oil demand growth forecast for 2025 steady at 1.4 million barrels per day (bpd), according to its March report. This forecast remains unchanged from its previous predictions, highlighting a consistent outlook despite fluctuating global economic conditions.

OECD countries are expected to contribute an additional 0.1 million bpd to the demand, while non-OECD countries are projected to see a rise of 1.3 million bpd. The overall world oil demand has been slightly revised upwards to 105.2 million bpd, supported by robust air travel demand, healthy road mobility, and vigorous industrial, construction, and agricultural activities in non-OECD countries.

Looking Ahead to 2026

For the following year, the world oil demand is anticipated to grow by another 1.4 million bpd, reaching a total of 106.6 million bpd. This projection remains stable compared to the February report, with OECD countries expected to add 0.1 million bpd and non-OECD countries around 1.3 million bpd to the demand.