The Organisation of the Petroleum Exporting Countries (OPEC) said it would maintain its global oil demand growth forecast unchanged at 2.9 per cent for 2025 and 3.1 per cent for 2026.

In its latest monthly oil market report on Monday, OPEC said that it projected a year-on-year increase of 1.3 million barrels per day (bpd) in both years, unchanged from its previous estimates.

“Better-than-expected actual data for the first quarter of 2025 in OECD Americas and OECD Europe were offset by lower expectations for oil demand growth.

“It said that particularly for the second quarter of 2025 in key countries of the non-OECD region, like China and India, largely due to the likely impact of U.S. trade policy,” OPEC said.

In the OECD (Organisation for Economic Co-operation and Development) region, oil demand is expected to rise by around 160,000 bpd in 2025, led by growth in the Americas.

Meanwhile, demand in non-OECD countries is forecast to increase by over 1.1 million bpd, driven by China, India and other Asian economies.

OPEC also noted that the global economy continued on a stable growth path, which is supported by solid performance in the first quarter of 2025 and tentative progress in U.S. trade negotiations. 

(Xinhua/NAN)