BAKU, Azerbaijan, February 14. Global oil demand is poised to grow strongly in 2025, shooting up by 1.8 mb/d compared to the previous year, Trend reports.
According to the latest forecast made by OPEC, next year, the OECD is looking at a slight uptick of 0.1 mb/d year-on-year, while the non-OECD is poised for a more significant boost of 1.7 mb/d.
Thus, world oil demand in 2025 is expected to stand at 106.25 mb/d.
Meanwhile, the 2024 global oil demand growth projection remains largely consistent with last month's assessment at 2.2 mb/d. An optimistic outlook for the US economy prompted a slight upward adjustment to the US forecast, positively impacting oil demand and offsetting a downward revision in OECD Europe. Within the OECD, oil demand is anticipated to grow by approximately 0.3 mb/d, primarily driven by OECD Americas, with slight contributions from OECD Europe and Asia Pacific.
Conversely, the non-OECD is expected to witness robust oil demand growth of 2 mb/d year-on-year, propelled by China and supported by the Middle East, Other Asia, India, and Latin America. In the first quarter of 2024, oil demand is forecasted to increase by 2 mb/d year-on-year.
The total global oil demand is predicted to reach 104.4 mb/d in 2024, buoyed by strong air travel demand, increased road mobility (including on-road diesel and trucking), and vibrant industrial, construction, and agricultural activities, particularly in non-OECD nations.
Additionally, capacity expansions and favorable petrochemical margins in non-OECD countries, notably China and the Middle East, are expected to contribute to oil demand growth. Nevertheless, as OPEC noted, the forecast remains subject to numerous uncertainties, including global economic developments.
