OPEC sticks to 2025, 2026 global oil demand outlook

Logo of OPEC

OPEC maintained its outlook for global oil demand growth for 2025 and 2026, amid expectations for an increase of nearly 100,000 barrels per day (bpd) in OECD countries.

In its monthly report released today, May 14, the Vienna-based organization anticipated global oil demand to rise by 1.3 million bpd this year and next, maintaining the same forecast as last month.

In non-OECD countries, global oil demand is likely to accelerate by about 1.2 million bpd in 2025 and 2026.

Meanwhile, OPEC slashed its forecast for oil supply growth from the US and other producers outside the OPEC+ alliance to 800,000 bpd in 2025, down from last month's 900,000-bpd estimate.

It also downgraded its outlook for global economic growth to 2.9% this year and maintained its projections for next year at 3.1%, given the recent tariff developments.

In addition, US economic growth forecasts were lowered to 1.7% for 2025 and 2.1% in 2026, while the Japanese economic growth outlook remained unchanged at 1% and 0.9% for the current and next years, respectively.