OPEC expects global oil demand at 1.8 mb/d in 2025

The global oil demand growth is expected to see a robust increase of 1.8 million barrels a day (mb/d) in 2025, Monthly Oil Market report released by the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday.

The report added that the economic growth in 2025 is expected to pick up slightly reaching 2.8 per cent. This positive trajectory is in line with the expectation that general inflation will continue to diminish throughout 2024 and into 2025.

OPEC natural gas liquids (NGLs) and non-conventional liquids are forecast to grow by around 64 tb/d to average 5.5 mb/d, followed by growth of 110 tb/d in 2025 to average 5.6 mb/d.

The non-OPEC liquids supply growth in 2025 is expected to stand at 1.3 mb/d, mainly driven by the U.S., Brazil, Canada, Norway, Kazakhstan and Guyana, the report revealed.