OPEC Revises Global Oil Demand Growth Forecast

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

Detailed Breakdown of the Forecast

OECD Countries: Expected to contribute an additional 0.04 million bpd, a significant drop from the previous estimate of 0.1 million bpd.

Non-OECD States: Anticipated to see a growth of 90,000 bpd, a sharp decline from the 1.3 million bpd forecasted last month.

Looking Ahead to 2026

The global oil demand growth for 2026 is also expected to remain at 1.3 million bpd, mirroring the 2025 forecast but down from the earlier projection of 1.4 million bpd. Within OECD nations, demand is projected to increase by 0.08 million bpd, while non-OECD countries are forecasted to grow by 1.2 million bpd, both showing a decrease from previous estimates.