The Organisation of the Petroleum Exporting Countries (OPEC) announced yesterday that it will maintain its previous forecasts for global oil demand growth in 2025 and 2026.

In its monthly oil market report, OPEC projected a year-on-year increase of 1.3 million barrels per day (bpd) in both 2025 and 2026, unchanged from last month’s estimates.

OPEC also noted that increased capacity and healthy petrochemical margins in non-OECD (Organisation for Economic Co-operation and Development) countries were expected to drive further growth in oil demand.

In spite of steady global economic trends, OPEC slightly lowered its global economic growth forecast for 2025 by 0.1 percentage point to 2.9 per cent, citing recent tariff-related developments.

The forecast for 2026 remained unchanged at 3.1 per cent.

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