OPEC Maintains Strong Oil Demand Growth Forecast for 2025
In its monthly report, OPEC (Organization of the Petroleum Exporting Countries) has maintained its optimistic forecast for global oil demand growth in 2025. The organization anticipates an increase of 1.45 million barrels per day (bpd) in 2025 and 1.43 million bpd in 2026, unchanged from its previous projections.
Key Factors Driving Demand
OPEC attributes the projected growth to increased air and road travel, which will boost consumption. Additionally, it believes that potential trade tariffs are unlikely to significantly impact economic growth.
Uncertainty Remains
However, OPEC acknowledges increased market uncertainty due to the trade policies of the U.S. administration under President Donald Trump. Potential tariffs and other measures could lead to supply-demand imbalances that may not reflect market fundamentals.
Growth Forecast Comparison
OPEC's demand forecast is higher than that of other industry estimates. The International Energy Agency (IEA), for instance, projects a more modest growth of 1.05 million bpd in 2025.
OPEC+ Output Plans
OPEC+, which includes OPEC and non-OPEC allies like Russia, has implemented production cuts since late 2022 to support the market. Gradually increasing output is planned from April onwards.