OPEC has maintained its forecast for global oil demand growth at 1.4 million barrels per day for both the current year (2025) and the upcoming year (2025).
According to OPEC's monthly report released today, Wednesday, most of the demand growth in 2025 will come from China and India, while the growth in demand from advanced economies will be very modest, according to Bloomberg.
The organization had kept its forecasts unchanged during January and February, with global oil demand growth at 1.4 million barrels per day, following five consecutive months of downward revisions during which its estimates for oil demand growth were reduced by nearly 27%.
The report also predicted a marginal improvement in demand by the end of this year, with the average global daily demand for crude in 2025 reaching 105.2 million barrels, with the fourth quarter at 106.75 million barrels per day.
The report noted that production from OPEC member countries rose by 154,000 barrels per day in February, nearing 27 million barrels per day.
The majority of the increase came from Iran, which saw its production rise by 34,000 barrels per day, and from the UAE, where production increased by 25,000 barrels per day in February.
Saudi Arabia's production also increased by approximately 30,000 barrels per day in February, reaching 8.9 million barrels per day.
OPEC maintained its forecast from last month for growth in supplies from countries outside the OPEC+ alliance, estimating an increase of 1 million barrels per day for both the current year and next year.
The average oil supply from outside the alliance is expected to reach 54.2 million barrels per day this year, and 55.2 million barrels per day next year.
The increase in supply will mainly come from the United States, Canada, Brazil, and Norway, according to the report, while Angola is expected to see a decline in production.
Markets are awaiting the gradual production increase from OPEC+ countries starting in April, as decided in the alliance's meeting this month, where it was agreed to return 2.2 million barrels per day to the markets.
These countries had voluntarily decided in April and November 2023 to reduce their production quotas to maintain price stability.
