OPEC sticks to oil demand growth forecast
The Organization of the Petroleum Exporting Countries (OPEC) has kept its global oil demand growth projections for both 2025 and 2026 unchanged at 1.3 million b/d.
IMAGE: Getty Images
Global oil consumption is expected to average 105.1 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 130,000 b/d more than last year, according to the group.
World oil demand is expected to “continue to be driven by requirements for transportation fuels,” 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. Most of this growth is expected to come from China, India and other Asian countries.
Global oil consumption in 2026 is expected to average 106.4 million b/d, OPEC said. Earlier this month, the Saudi Arabia-led coalition had forecast global oil demand to reach 123 million b/d by 2050, marking a growth of more than 19 million b/d since 2024.
OPEC has revised downward the demand growth forecast for its crude by about 300,000 b/d for both 2025 and 2026, to 42.5 million b/d and 42.9 million b/d, respectively.
Supply forecasts
Total crude oil production by OPEC+ members averaged 41.56 million b/d last month, about 349,000 b/d higher than in May.
Oil production by OPEC+’s de-facto leader Saudi Arabia, increased by 173,000 b/d on the month to 9.36 million b/d in June. Production in the UAE increased by 83,000 b/d to about 3.1 million b/d last month.
In June, oil production in Iran and Libya fell by 62,000 b/d and 24,000 b/d, respectively, OPEC said.
Liquid fuels supply from countries outside the OPEC coalition is estimated to grow by around 800,000 b/d this year, with total output expected to average 54 million b/d.
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
Please get in touch with comments or additional info to news@engine.online
