OPEC: Global Oil Demand to Slow in 2025
In a recent monthly oil-market report, the Organization of the Petroleum Exporting Countries (OPEC) has projected a deceleration in global oil demand for the coming year. However, OPEC has also revised its economic forecast upward, citing a boost in global growth attributed to easing inflation.
For 2025, OPEC expects oil-demand growth to reach 1.8 million barrels per day, primarily driven by a robust Chinese economy. This estimate falls below the current year's demand growth projection, which remains unchanged at 2.2 million barrels per day.
Looking ahead, OPEC foresees global economic expansion accelerating in 2025, with a growth rate of 2.8% compared to an estimated 2.6% in 2024. This optimism stems from expectations that central banks will begin reducing interest rates in the latter half of 2024.
The group highlighted the pivotal role of non-OECD economies, especially China and India, along with other developing Asian economies, in driving substantial economic growth during the next year.
While uncertainties persist, OPEC remains cautiously optimistic about the future trajectory of global oil demand and economic outlook.
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