OPEC sees global oil demand rising by 1.8 mln bpd – report

OPEC expects a sharp rise in global demand for oil by some 1.8 million barrels per day (bpd) in 2025, while the figure for this year should remain within the range of 2.2 million bpd, it said in a report on Wednesday.

As part of the robust increase in global demand, the OPEC forecast predicted a rise in demand within member states of the Paris-based Organization for Economic Cooperation and Development (OECD) worth some 100,000 bpd, while the figure for demand outside the bloc should be 1.7 million bpd.

On demand within the OECD for this year, the forecast put the figure at 200,000 bpd, with 2.1 million bpd worth of demand for OECD non-member states, the forecast showed.

Addressing oil supply outside OPEC and its allies, including Russia, a group known as OPEC Plus, the forecast showed an increase of 1.2 million bpd in 2024, keeping its prognostication from last month unchanged, which cited the US, Canada and Brazil as the key contributors towards the rise in global demand.

In addition to world demand for
oil, the OPEC report provided figures on global economic growth, citing the figure at 2.9 percent for both the ongoing year and in 2025, which represents a slight alteration to previous forecasts.

For the first time in seven months, the report showed a drop in US crude oil worth 1.923 million barrels, in addition to gasoline inventories by 2.954 million barrels, citing sources within the global market.

It went on to show a slight decrease in demand for OPEC Plus crude, which fell by 100,000 bpd as compared to last month’s forecast, to settle at 43.1 bpd, with next year’s demand also expected to go down by the same figure to 43.9 million bpd, according to the data.

Source: Kuwait News Agency