OPEC maintains oil demand growth forecast

The Organization of the Petroleum Exporting Countries (OPEC) has kept its global oil demand growth projections for 2025 unchanged at 1.3 million b/d.

IMAGE: OPEC's flag. Getty Images

Global oil consumption is expected to average 105.14 million b/d this year, largely unchanged from OPEC's estimate a month ago. Of this, 45.8 million b/d will be consumed by OECD countries, about 140,000 b/d more than last year, according to the group.

World oil demand is expected to grow next year “on the back of expected better economic performance in OECD America, OECD Europe, as well as the Middle East and Africa,” OPEC said in its monthly oil market report.

OPEC has hiked its demand growth forecast for non-OECD countries by approximately 1.2 million b/d, to 59.33 million b/d this year – relatively unchanged from its previous estimates. Most of this growth is expected to come from China, India and other Asian countries.

Global oil consumption in 2026 is expected to grow by about 1.4 million b/d to average 106.5 million b/d, an increase of about 100,000 b/d from its previous forecast.

OPEC has kept demand growth forecast for its crude unchanged at 42.5 million b/d in 2025, while raising its 2026 estimate by 200,000 b/d to about 43.1 million b/d.

Supply figures from July

Total crude oil production by OPEC+ members averaged 41.94 million b/d last month, about 335,000 b/d higher than in June.

Oil production by OPEC+’s de-facto leader Saudi Arabia, increased by 170,000 b/d on the month to 9.5 million b/d in July. Production in the UAE increased by 109,000 b/d to about 3.2 million b/d last month.

In July, oil production in Iran and Kazakhstan fell by 51,000 b/d and 36,000 b/d, respectively, OPEC said.

The OPEC+ coalition comprises the core 12 OPEC member countries, along with Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia and Sudan.

By Aparupa Mazumder

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