OPEC keeps oil demand growth outlook unchanged
The Organization of the Petroleum Exporting Countries (OPEC) has maintained its global oil demand growth projection for 2025 at 1.3 million b/d.
IMAGE: OPEC logo with an oil pumpjack. 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, about 46 million b/d will be consumed by OECD countries, matching the group’s previous estimate.
OPEC has forecast oil demand from non-OECD countries to average around 59.2 million b/d this year, the same as its October projection. 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 – unchanged from the group's previous forecast.
OPEC has cut demand forecast for its crude to 42.4 million b/d and 43 million b/d for 2025 and 2026 – about 100,000 b/d lower than its previous forecasts, respectively.
Supply estimates
Total crude oil production by OPEC+ members averaged 43.02 million b/d last month, about 73,000 b/d lower than in September.
Oil production by OPEC+’s de-facto leader, Saudi Arabia, increased by 43,000 b/d in October to a little over 10 million b/d. Russia – the coalition’s second-largest producer – increased production by 47,000 b/d to 9.4 million b/d during the same time.
In October, oil production in Iran and Kazakhstan fell by 66,000 b/d and 155,000 b/d, respectively, OPEC said.
The Vienna-headquartered coalition has hiked its non-OPEC production growth expectations by 100,000 b/d to 900,000 b/d, with output expected to average around 54.1 million b/d this year. “Growth is set to be driven by the US, Brazil, Canada and Argentina,” 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
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