Steady Growth in Global Oil Demand

The Organization of the Petroleum Exporting Countries (OPEC) has confirmed in its latest monthly report that the global oil demand growth is expected to remain steady at 1.3 million barrels per day (bpd) in 2025. This projection mirrors the forecast from April, with total world oil demand anticipated to average 105 million bpd.

Regional Demand Variations

While OECD countries are projected to contribute an additional 100,000 bpd to the demand growth, non-OECD states are expected to see a significant rise of 1.2 million bpd. Notably, the European region stands out as the only area forecasted to experience a demand contraction, estimated at around 13,000 bpd.

Looking Ahead to 2026

OPEC's outlook for 2026 remains unchanged, with global oil demand growth also pegged at 1.3 million bpd. Similar to 2025, the increase is anticipated to be driven by transportation fuels, including gasoline, jet/kerosene, and diesel, with OECD and non-OECD regions contributing similarly to the growth.