Global Oil Demand Adjustments

The Organization of the Petroleum Exporting Countries (OPEC) has adjusted its global oil demand growth forecast for 2025 downward to 1.3 million barrels per day (bpd), a slight decrease from last month's projection of 1.4 million bpd. This revision reflects the latest first-quarter data and recent tariff announcements by the United States.

Regional Demand Variations

Within OECD nations, the anticipated demand growth has been halved to 0.04 million bpd, down from 0.1 million bpd. Meanwhile, non-OECD countries are expected to see a demand increase of 90,000 bpd, a significant drop from the previous forecast of 1.3 million bpd.

Looking Ahead to 2026

OPEC also projects a continued decline in oil demand growth for 2026, estimating it at 1.3 million bpd, down from 1.4 million bpd. OECD countries are forecasted to contribute 0.08 million bpd to this growth, with non-OECD countries adding 1.2 million bpd.