Market Speak: OPEC sees steady demand, stable growth and soft prices - MOMR

In its June 2025 Monthly Oil Market Report, OPEC highlighted a balanced global oil market outlook despite recent price declines. The OPEC Reference Basket and major benchmarks like ICE Brent and NYMEX WTI all fell in May, yet robust oil demand growth, especially across Asia, is expected to continue supporting the market for the rest of 2025 and into 2026. Global oil demand growth remains unchanged at 1.3 million barrels per day for both 2025 and 2026, with non-OECD countries driving over 1.1 mb/d of that growth each year. Supply outside the Declaration of Cooperation is forecast to rise by 0.8 mb/d in 2025 and 0.7 mb/d in 2026, led by the US, Brazil, Canada and Argentina, while DoC crude production climbed by 180 thousand barrels per day in May to 41.23 mb/d. On the economic front, global growth remains steady at 2.9 percent for 2025 and 3.1 percent for 2026, with India?s forecast nudged higher to 6.5 percent after strong first-quarter performance.

Powered by Commodity Insights