The Group of the Petroleum Exporting International locations (OPEC) has held agency on its international oil demand progress projections for each 2025 and 2026, sustaining a forecast of 1.3 million barrels per day (bpd) for every year.
The choice was revealed in OPEC’s newest Month-to-month Oil Market Report launched on Monday, which indicated that there could be no revision to the earlier month’s estimates regardless of minor changes to precise figures for the primary quarter of 2025.
In response to the report, demand in member international locations of the OECD is predicted to rise by 0.2 million bpd in 2025, whereas international locations outdoors the OECD are projected to account for over 1.1 million bpd of the expansion.
The identical pattern is predicted to persist into 2026, with non-OECD nations driving demand.
“International oil demand progress forecast for 2025 stays at 1.3 mb/d year-on-year, unchanged from final month’s evaluation,” the report acknowledged. “In 2026, progress is forecast to proceed on the similar fee, with OECD demand rising by 0.1 mb/d and non-OECD by 1.2 mb/d.”
OPEC additionally left its international {economic} progress forecast unchanged, projecting a 2.9% enlargement in 2025 and a slight uptick to three.1% in 2026.
The report cited sustained {economic} exercise in early 2025 and developments in U.S. commerce negotiations as causes for the steadiness.
Key nationwide forecasts embrace:
United States: 1.7% progress in 2025, rising to 2.1% in 2026
China: Holding regular at 4.6% in 2025 and 4.5% in 2026
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India: Upgraded to six.5% in 2025, matching the projection for 2026
Eurozone and Japan: Each areas forecast to develop modestly at or close to 1%
Brazil: Projected to develop by 2.3% in 2025 and a pair of.5% in 2026
Russia: 2025 forecast revised barely downward to 1.8%, with 2026 holding at 1.5%
Regardless of a drop in output, Nigeria maintained its place as Africa’s prime crude oil producer in Might, based on the report. OPEC didn’t elaborate on the manufacturing figures, however the replace reinforces Nigeria’s continued relevance inside the oil bloc.
The report displays OPEC’s confidence in long-term power demand, notably from rising economies, even amid the worldwide shift towards renewable power and decarbonization efforts.
