OPEC Remains Upbeat on Global Oil Demand Growth
OPEC maintains its bullish forecast for global oil demand growth in 2025 and 2026, driven by robust economic activity and increased demand from emerging markets.
According to the Monthly Oil Market Report (MOMR) for October, OPEC expects global oil demand to grow by about 1.3 million barrels per day (bpd) this year from 2024, and reach on average 105.1 million bpd.
OPEC remains bullish on global oil demand growth for this year and next as it continues to unwind its crude production cuts.
The report reflects continued robust economic growth, with OPEC keeping its 2025 and 2026 oil demand growth forecasts unchanged.
Author's summary: OPEC forecasts global oil demand growth.