Global oil demand forecasts unchanged for 2025, 2026

The Organization of the Petroleum Exporting Countries has announced that its previous forecasts for global oil demand growth in 2025 and 2026 remain unchanged.

In its monthly oil market report released on Wednesday, OPEC projects an increase in global oil demand. It estimates a rise of 1.45 million barrels per day (bpd) in 2025 and a robust growth of 1.43 million bpd in 2026, both unchanged from last month's assessment.

"Total world oil demand is anticipated to average 105.2 million bpd in 2025, bolstered by strong air travel demand and healthy road mobility, as well as healthy industrial, construction and agricultural activities in non-OECD (the Organization for Economic Co-operation and Development) countries," OPEC said.

The organization also left its global economic growth projections for 2025 and 2026 unchanged, forecasting a 3.1 percent expansion this year and 3.2 percent in the following year.