OPEC retains oil demand growth outlook again

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. Getty Images

OPEC has left its global oil demand forecast unchanged at 105.14 million b/d for the year, including about 46 million b/d from OECD economies – both figures mirroring last month’s estimates.

OPEC has forecast oil demand from non-OECD countries to average around 59.2 million b/d this year, also unchanged from its November 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 – also unchanged from the group's previous forecast.

OPEC has also maintained demand forecast for its crude at 42.4 million b/d and 43.0 million b/d for 2025 and 2026, respectively.

Supply estimates

Total crude oil production by OPEC+ members averaged 43.06 million b/d last month, about 43,000 b/d higher than in October.

Oil production by OPEC+’s de-facto leader, Saudi Arabia, increased by 54,000 b/d in November to about 10.05 million b/d. OPEC+ member Kazakhstan increased production by 36,000 b/d to 1.7 million b/d during the same time.

In November, oil production in Iraq and Venezuela fell by 21,000 b/d and 27,000 b/d to about 4.1 million b/d and 934,000 b/d, respectively, OPEC said.

The Vienna-headquartered coalition has hiked its non-OPEC production growth forecast by 100,000 b/d to 1 million b/d, with output expected to average around 54.1 million b/d this year.

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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