OPEC Revises Global Oil Demand Growth Forecast

The Organization of the Petroleum Exporting Countries (OPEC) has 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, detailed in OPEC's latest monthly report, reflects new data from the first quarter and recent tariff announcements by the United States.

Impact on OECD and Non-OECD Countries

OECD countries are now expected to contribute an additional 0.04 million bpd, down from 0.1 million bpd, while non-OECD countries are projected to see a growth of 90,000 bpd—a significant drop from the 1.3 million bpd forecast last month.

Looking Ahead to 2026

The forecast for world oil demand growth in 2026 remains at 1.3 million bpd, marking a decrease from the previous estimate of 1.4 million bpd. Within OECD nations, demand is anticipated to grow by 0.08 million bpd, whereas non-OECD countries are expected to increase by 1.2 million bpd, down from their respective previous forecasts.