Global Oil Demand Remains Strong in OPEC Forecasts for 2025 and 2026

Global oil demand is set to remain on a strong trajectory, according to OPEC’s latest monthly report, as energy markets are expected to stay broadly balanced over the next two years despite limited supply increases.

The report projects that global oil demand will grow by about 1.3 million barrels per day in 2025, reaching an average of 105.1 million barrels per day, largely driven by consumption growth in non-OECD economies.

In 2026, an additional increase of 1.4 million barrels per day is expected, pushing average global oil demand to around 106.5 million barrels per day, led by China, India, other Asian economies, as well as the Middle East and Latin America.

Uneven Growth Across Regions

Demand growth in OECD countries is forecast to remain modest, supported mainly by slight improvements in North America, while emerging markets continue to be the primary engine of global consumption growth.

Supply Outlook and Market Balance

On the supply side, OPEC expects higher output from producers outside the OPEC+ alliance in 2025, with the United States, Brazil, and Canada leading gains.

The report emphasized that market fundamentals remain solid, with inventories staying below the five-year average.

These dynamics underline the continued role of OPEC+ producers in supporting global market stability over the coming years.