BAKU, Azerbaijan, March 12. The U.S. Energy Information Administration (EIA) forecasts global oil consumption will continue growing in 2025 and 2026, though at a slower pace than pre-pandemic trends, Trend reports.
According to the latest outlook, global liquid fuels demand is expected to rise by 1.3 million barrels per day (b/d) in 2025 and by 1.2 million b/d in 2026, with non-OECD Asia driving much of the increase.
India is projected to see the strongest growth, adding 0.3 million b/d to its oil consumption in both years, up from 0.2 million b/d in 2024. This increase is largely driven by rising demand for transportation fuels. Meanwhile, China’s consumption is forecast to rise by 0.3 million b/d in 2025 and 0.2 million b/d in 2026, as government stimulus measures boost economic activity.
On the supply side, global oil production is also set to rise, increasing by 1.4 million b/d in 2025 and 1.6 million b/d in 2026. This growth will come from both OPEC+ and non-OPEC+ producers, though the latter - including the U.S., Canada, Brazil, and Guyana - will contribute the largest share.