OPEC reiterates forecasts for global oil demand growth

12/02/2025 Argaam
Logo ofOPEC

Logo of OPEC 

OPEC maintained its forecast for the growth in global oil demand in 2025, saying air and road travel will likely support consumption, while potential trade tariffs are unlikely to impact economic growth.

 

In its monthly report, OPEC said global oil demand is forecast to rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026.

 

"It remains to be seen how and to what extent potential tariffs and other policy measures will play out," OPEC wrote.

 

It added, "So far, they are not anticipated to materially impact the current underlying growth assumptions.”

 

The group also announced that Russia’s oil output fell by 0.3% to 8.97 million bpd in January, from nine bpd in December 2024.

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