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 for the oil market despite ongoing economic fluctuations.

Regional Demand Insights

Breaking down the projections, OECD countries are anticipated to contribute an additional 0.1 million bpd to the overall demand. Meanwhile, non-OECD countries are expected to see a more significant increase, with demand rising by 1.3 million bpd. This disparity underscores the varying pace of economic recovery and growth across different regions.

Revised Global Oil Demand Figures

The total world oil demand for 2025 has been slightly adjusted upwards to 105.2 million bpd. This revision is attributed to robust air travel demand, increased road mobility, and vigorous industrial, construction, and agricultural activities in non-OECD countries. These factors collectively paint a picture of a gradually recovering global economy, with oil demand as a key indicator.

Looking Ahead to 2026

Looking further ahead, the world oil demand for 2026 is also projected to grow by 1.4 million bpd, reaching a total of 106.6 million bpd. This forecast aligns with the February report, indicating a steady growth trajectory for the oil market. The demand in OECD countries is expected to grow by 0.1 million bpd, while non-OECD countries are projected to see an increase of around 1.3 million bpd, mirroring the trends observed for 2025.