Market Speak: OPEC keeps 2025 demand growth steady at 1.3 billion b/d

OPEC on Tuesday signaled a tighter oil market ahead, keeping its 2025 global oil demand growth forecast unchanged at 1.3 billion barrels per day. The update included minor revisions from fresh Q1 and Q2 data. Demand in OECD nations is expected to grow by just 0.1 billion b/d, while non-OECD countries will account for the bulk of the increase at 1.2 billion b/d. For 2026, OPEC raised its growth outlook by 0.1 billion b/d to 1.4 billion b/d, citing stronger global economic activity. OECD demand is projected to rise 0.2 billion b/d and non-OECD demand by 1.2 billion b/d. At the same time, supply growth estimates from the US and other producers outside the OPEC+ group were cut, further reinforcing the outlook for a tighter market.

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