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OPEC kept its global oil demand growth forecast unchanged for the third successive month, amid expectations that China will be the main driver of consumption growth among non-OECD member countries.
In its monthly report today, March 12, the organization confirmed that global demand for crude oil is expected to rise by 1.4 million barrels per day (bpd) in both 2025 and 2026.
OPEC also forecasts demand from OECD member and non-member countries to grow by 100,000 bpd and 1.3 million bpd, respectively, during 2025 and 2026.
According to the report, oil consumption in China will be the key demand growth driver from non-OECD countries, followed by other Asian countries such as India, in addition to the Middle East and Latin America.
OPEC also reiterated its global economic growth outlook at 3.1% and 3.2% for both 2025 and 2026. It, however, upgraded its growth estimate for Japan to 1.2% in 2025, thanks to its economic rebound in the fourth quarter of 2024.
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