Shafaq News/ On Monday, theOrganization of the Petroleum Exporting Countries (OPEC) cut its forecast forglobal oil demand growth in 2025 to 1.3 million barrels per day (bpd).
In its monthly report, OPEC noted thatthe downward revision reflects early-year consumption trends as well as thelikely drag from increased trade restrictions, particularly in emergingmarkets.
According to OPEC’s report, demandgrowth within OECD countries is expected to remain marginal at around 40,000bpd, while non-OECD nations will account for the bulk of the increase,contributing roughly 1.25 million bpd in 2025.
On the supply side, OPEC expects oilproduction from non-OPEC+ countries to rise by 900,000 bpd next year, down fromits previous forecast of 1.01 million bpd, pointing out that the majority ofadditional supplies will come from the United States, Canada, Brazil, andArgentina, with similar momentum anticipated through 2026.
OPEC also revised down its globaleconomic growth forecast for 2025 to 3%, citing persistent inflationarypressures and geopolitical tensions, which could weigh on overall energydemand.
The OPEC projection follows similarcaution from other institutions. Last week, the US Energy InformationAdministration (EIA) slashed its own 2025 demand growth forecast by 30%, nowestimating an increase of just 900,000 bpd. Additionally, Goldman Sachs hasissued an even more subdued outlook, forecasting global oil consumption to growby no more than 500,000 bpd next year.