OPEC maintains oil demand growth forecast for 2025 and 2026

The Organization of the Petroleum Exporting Countries (OPEC) has maintained its oil demand growth forecast at 1.45 million b/d for 2025 and 1.43 million b/d for 2026.

PHOTO: OPEC's flag. Getty Images

Global oil consumption in 2025 is expected to average 105.2 million b/d, OPEC said. Of this, 45.9 million b/d will be used by OECD countries, about 100,000 b/d more than last year.

The coalition has kept demand growth expectations in non-OECD countries unchanged at around 1.3 million b/d, reaching 59.3 million b/d this year. The demand growth is mostly driven by requirements from China, in addition to Other Asia, India, the Middle East and Latin America, the Saudi Arabia-led coalition added.

Oil demand growth is expected to continue in 2026. OPEC has also maintained demand growth forecast for its crude at 42.6 million b/d in 2025 and around 42.9 million b/d in 2026.

Supply estimates

The 12 core OPEC members produced an average of 26.86 million b/d of crude oil in February, about 150,000 b/d higher than January’s production levels.

Oil production in Saudi Arabia and Iran, two of the largest producers of the group, increased by 18,000 b/d to about 9 million b/d and 34,000 b/d to about 3.3 million b/d, respectively, in February.

Crude oil production by OPEC+ countries increased by 363,000 b/d in February compared with the previous month, averaging about 41.01 million b/d, OPEC said.

OPEC+ crude oil production surged last month as Kazakhstan further breached its agreed limit. Output in Kazakhstan surged by 198,000 b/d, the Vienna-headquartered group said.

OPEC+ 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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