OPEC sticks to oil demand growth outlook
The Organization of the Petroleum Exporting Countries (OPEC) has kept its global oil demand growth projection for 2025 unchanged at 1.3 million b/d.
IMAGE: OPEC's logo. Getty Images
Global oil consumption is expected to average 105.14 million b/d this year – the same as OPEC's estimate a month ago. Of this, 45.8 million b/d will be consumed by OECD countries, according to the group.
OPEC has forecast oil demand from non-OECD countries to average around 59.3 million b/d this year, slightly down from its previous estimate.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 106.52 million b/d – largely unchanged from its previous forecast.
OPEC has also kept demand growth forecast for its crude unchanged at 42.5 million b/d and 43.1 million b/d for 2025 and 2026, respectively.
Supply estimates
Total crude oil production by OPEC+ members averaged 42.4 million b/d last month, about 509,000 b/d higher than in July.
Oil production by OPEC+’s de-facto leader Saudi Arabia, increased by 258,000 b/d on the month to 9.7 million b/d in August. Production in Iraq increased by 122,000 b/d to about 4 million b/d last month.
In August, oil production in Iran and Kazakhstan fell by 27,000 b/d and 23,000 b/d, respectively, OPEC said.
The Vienna-headquartered coalition expects non-OPEC production to increase by 800,000 b/d to average around 54 million b/d this year. “Growth is set to be driven by the US, Brazil, Canada and Argentina, with the main decline anticipated in Angola,” it 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
Please get in touch with comments or additional info to news@engine.online
