The Organisation of the Petroleum Exporting Countries (Opec) announced yesterday that it will maintain its previous forecasts for global oil demand growth in 2025 and 2026.
In its monthly oil market report, Opec estimated a rise of 1.3 million barrels per day (bpd) year on year in 2025 and a robust growth of about 1.3m bpd in 2026, both unchanged from last month’s prediction.
“Total world oil demand is anticipated to average 105m bpd in 2025, bolstered by strong air travel demand and healthy road mobility, as well as healthy industrial, construction and agricultural activities in non-OECD (the Organisation for Economic Co-operation and Development) countries,” Opec said, adding that the capacity additions and petrochemical margins in non-OECD countries are expected to contribute to oil demand growth.
The organisation slightly cut its global economic growth projections for 2025 by 0.1 percentage point to 2.9 per cent. For 2026, the growth forecast remained unchanged at 3.1pc.
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