OPEC Lowers Global Oil Demand Growth Forecast for 2025 and 2026

The Organization of the Petroleum Exporting Countries (OPEC) lowered its global economic growth forecast to 3% in 2025 and 3.1% in 2026, according to its monthly report released Monday, citing continued global economic challenges.

In light of this, the organization lowered its global oil demand growth forecast to 1.3 million barrels per day in 2025, while maintaining the same estimate for 2026 at 1.3 million barrels per day, reflecting a potential slowdown in consumption. According to CNBC, the report also lowered its supply growth forecast from outside the Declaration of Cooperation countries to 0.9 million barrels per day in 2025 and reiterated the same estimate for 2026 at 0.9 million barrels per day.

Regarding demand for oil from the Declaration of Cooperation countries, OPEC maintained its forecast at 42.6 million barrels per day (bpd) in 2025, while lowering it to 42.8 million bpd in 2026.

On the production front, the report showed that OPEC oil production declined by 78,000 bpd to 26.7 million bpd in March. Conversely, production from non-OPEC countries participating in the Declaration of Cooperation rose by 41,000 bpd to 14.244 million bpd, while combined production from the Declaration of Cooperation countries declined by 37,000 bpd to 41.02 million bpd during the same month.