The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth downward for this year, citing slower-than-expected expansion.
According to OPEC’s latest Monthly Oil Market Report, global oil demand is now expected to rise by approximately 1.3 million barrels per day (bpd) in 2025 compared to the previous year, reaching a total of 105.05 million bpd. This figure is down from the 105.2 million bpd forecast in the previous report.
The report estimates that non-OECD countries will account for the majority of this growth, contributing around 1.25 million bpd, while demand in OECD countries is projected to rise by just 40,000 bpd.
In total, demand from non-OECD nations is expected to reach 59.31 million bpd, while OECD countries are anticipated to consume 45.74 million bpd.
Last year, global oil demand was estimated at 103.75 million bpd.
OPEC Crude Production Falls, Iran Sees Modest Increase
OPEC’s crude oil production in March fell by 78,000 bpd compared to the previous month, averaging 26.776 million bpd.
Among member countries, Iran recorded the highest increase in production, with output rising by 12,000 bpd to reach 3.335 million bpd. Iraq experienced the largest decrease, with production falling by 34,000 bpd to 3.981 million bpd.
Saudi Arabia, OPEC’s largest oil producer, saw a slight increase of 4,000 bpd, bringing its output to 8.964 million bpd.
Meanwhile, total crude oil production from the broader OPEC+ group—which includes non-OPEC producers—declined by 37,000 bpd to 41.02 million bpd.
These developments come as OPEC continues to monitor market conditions and adjust output levels to maintain stability in global oil markets.
Source: Bloomberght/ Prepared by: İlayda Gök