OPEC Revises Global Oil Demand Growth Forecast for 2025

The Organization of the Petroleum Exporting Countries (OPEC) has updated its global oil demand growth forecast for 2025, adjusting it downward 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 recent data from the first quarter and the impact of new tariffs imposed by the United States.

Regional Demand Adjustments Highlighted

According to the latest monthly report, OECD countries are now expected to contribute an additional 0.04 million bpd, a reduction from the previous estimate of 0.1 million bpd. Meanwhile, non-OECD countries are anticipated to see a demand growth of 90,000 bpd, a significant drop from the 1.3 million bpd forecasted earlier.

Looking Ahead to 2026

The report also projects a stabilization in world oil demand growth at 1.3 million bpd for 2026, with OECD countries expected to increase their demand by 0.08 million bpd and non-OECD countries by 1.2 million bpd, marking a decrease from their respective previous estimates.