Global Oil Demand Adjustments

In a recent monthly report, the Organization of the Petroleum Exporting Countries (OPEC) has adjusted its global oil demand growth forecast for 2025 down to 1.3 million barrels per day (bpd), a decrease from last month's projection of 1.4 million bpd. This revision is attributed to fresh data from the first quarter and recent tariff announcements 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 previous estimate of 0.1 million bpd. Conversely, non-OECD countries are expected to see a demand growth of 90,000 bpd, a sharp decline from the 1.3 million bpd forecasted last month.

Looking Ahead to 2026

The report also projects a continued slowdown in oil demand growth into 2026, with global demand expected to increase by 1.3 million bpd. Within this, OECD nations are forecasted to add 0.08 million bpd, while non-OECD countries are expected to grow by 1.2 million bpd, both figures representing a decrease from prior estimates.