OPEC maintains global oil demand forecasts for 2025, 2026

Xinhua
14 May 2025, 21:45 GMT+10

Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Xinhua/He Canling)

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 1.3 million bpd in 2026.

VIENNA, May 14 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday to 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 1.3 million bpd in 2026, both unchanged from last month's prediction.

"Total world oil demand is anticipated to average 105 million 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 Organization 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.

Noting that the global economy continues to demonstrate a steady growth trend despite recent tariff-related developments, the organization slightly cut its global economic growth projections for 2025 by 0.1 percentage point to 2.9 percent. For 2026, the growth forecast remained unchanged at 3.1 percent.

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