Vienna: The Organization of the Petroleum Exporting Countries (OPEC) has reduced its forecast for average daily global oil demand for 2025-2026, APA-Economics reports citing the OPEC's monthly report.
According to Azeri-Press News Agency, the forecast indicates that average daily global oil demand is expected to reach 105.05 million barrels this year, slightly down from a previous forecast of 105.2 million barrels. This new figure is, however, an increase of 1.3 million barrels compared to the forecasted figure for 2024.
Additionally, OPEC has released its forecast for daily global oil demand for the next year, estimating it to be 106.33 million barrels, down from the earlier projection of 106.63 million barrels. This figure is 1.29 million barrels higher than the forecasted demand for 2025.
The report highlights that last year's daily global oil demand was 103.75 million barrels, an increase of 1.54 million barrels compared to the 2023 figure. In 2023, global daily oil demand was recorded at 102.21 million barrels, marking an annual increase of 2.55 million barrels.