Market Speak: OPEC keeps 2025 oil demand growth steady at 1.3 mb/d

OPEC?s latest report kept the 2025 global oil demand growth forecast steady at 1.3 million barrels per day, with non-OECD nations driving most of the increase at 1.2 mb/d, while OECD demand is seen rising by just 0.1 mb/d. The same growth pace is expected in 2026. On the supply side, non-OPEC+ (non-DoC) liquids output is projected to rise by 0.8 mb/d in 2025, led by the US, Brazil, Canada, and Argentina, with a slightly lower increase of 0.7 mb/d in 2026. Crude production from OPEC+ countries jumped by 349 thousand barrels per day in June to 41.56 mb/d, highlighting stable output momentum.

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