BAKU, Azerbaijan, May 15. The Organization of the Petroleum Exporting Countries (OPEC) has kept its 2025 global oil demand growth forecast unchanged at 1.3 million barrels per day (mb/d), according to its latest monthly outlook, Trend reports.
The projection sees total world oil demand averaging 105 mb/d next year, supported by strong travel and transportation activity, as well as sustained industrial and agricultural demand in emerging markets.
Minor revisions were made to the first quarter of 2025, largely reflecting updated consumption data. In the OECD region, oil demand growth is expected to be led by the Americas, with some support from Asia Pacific. However, OECD Europe is forecast to see a slight year-on-year decline of around 13,000 barrels per day.
Non-OECD countries are projected to contribute the bulk of demand growth, adding approximately 1.2 mb/d. The increase will be driven primarily by Other Asia, followed by China, India, the Middle East, and Latin America.
OPEC noted that ongoing expansion in industrial activity, construction, and road mobility - particularly trucking - continues to support consumption in developing economies. In addition, capacity expansions and favorable petrochemical margins in non-OECD regions, particularly in China and the Middle East, are expected to further contribute to oil demand growth through 2025.
