OPEC maintains 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 flag. 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, about 100,000 b/d higher than the group’s previous estimate.
OPEC has forecast oil demand from non-OECD countries to average around 59.2 million b/d this year, slightly lower than its September 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 also maintained demand forecast for its crude 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 43.05 million b/d last month, about 630,000 b/d higher than in August.
Oil production by OPEC+’s de-facto leader, Saudi Arabia, increased by 248,000 b/d in September to just under 10 million b/d. Russia – the coalition’s second-largest producer – increased production by 148,000 b/d to 9.3 million b/d during the same time.
Meanwhile, production in Iraq and the UAE increased by 65,000 b/d and 98,000 b/d to hit to 4 million b/d and 3.4 million b/d, respectively.
In September, oil production in Nigeria and Kazakhstan fell by 21,000 b/d and 26,000 b/d, respectively, OPEC said.
The Vienna-headquartered coalition has maintained its non-OPEC production growth expectations at 800,000 b/d, with output expected 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
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