OPEC: Global oil demand growth for 2025, 2026 remain unchanged

The Organisation of the Petroleum Exporting Countries (OPEC) says it will maintain the global oil demand growth forecast at 1.3 million barrels per day (bpd) for 2025.

In its latest monthly oil market report on Monday, the oil alliance said its forecast also remains unchanged at 3.1 percent for 2026.

“The global oil demand growth forecast for 2025 remains at 1.3 mb/d, year-on-year (y-o-y), unchanged from last month’s assessment,” the report reads.

“Some minor adjustments were made mainly to actual data for 1Q25. In the OECD, oil demand is forecast to grow by about 0.2 mb/d in 2025, while non-OECD demand is forecast to grow by more than 1.1 mb/d in 2025.

“In 2026, global oil demand is forecast to grow by 1.3 mb/d y-o-y, also unchanged from last month’s assessments, with the OECD forecast to grow by around 0.1 mb/d, y-o-y, while the non-OECD is forecast to grow by 1.2 mb/d, y-o-y.”

‘GLOBAL ECONOMY GROWTH REMAINS UNCHANGED AT 2.9%’

OPEC noted that the global economy has maintained a stable growth trajectory, bolstered by robust performance in the first quarter of 2025 and initial progress in US trade negotiations.

“The global economic growth forecasts remain unchanged at 2.9% for 2025 and 3.1% for 2026,” the report reads.

“The US economic growth forecasts remain at 1.7% for 2025 and 2.1% for 2026. Japan’s economic forecasts remain at 1.0% for 2025 and 0.9% for 2026.”

The oil cartel said the Eurozone economic growth forecasts remain at 1.0 percent for 2025 and 1.1 percent for 2026.

“China’s economic growth forecasts remain at 4.6% for 2025 and 4.5% for 2026,” OPEC said.

“Following strong growth in 1Q25, India’s economic growth forecast for 2025 is revised up slightly to 6.5%, the same level as anticipated for 2026.

“Brazil’s economic growth forecasts remain at 2.3% for 2025 and 2.5% for 2026.”

The report indicated that Russia’s economic growth forecast for 2025 has been slightly lowered to 1.8 percent, while the 2026 forecast remains steady at 1.5 percent.

The oil cartel also said that despite a decline in production, Nigeria retained its position as Africa’s largest crude oil producer in May.