Global Oil Demand Growth Revised Downward

In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) has adjusted its forecast for global oil demand growth in 2025 to 1.3 million barrels per day (bpd), a decrease from the previous estimate of 1.4 million bpd. This revision is attributed to recent data from the first quarter and new tariffs imposed by the United States.

Regional Demand Variations

OPEC anticipates that OECD countries will contribute an additional 0.04 million bpd, a significant drop from the earlier projection of 0.1 million bpd. Meanwhile, non-OECD countries are expected to see a growth of 90,000 bpd, a sharp decline from the 1.3 million bpd forecast last month.

Looking Ahead to 2026

The report also forecasts a continued slowdown in oil demand growth into 2026, with global demand expected to increase by 1.3 million bpd, down from 1.4 million bpd. OECD nations are projected to add 0.08 million bpd, whereas non-OECD countries are expected to grow by 1.2 million bpd, both figures representing decreases from previous estimates.