OPEC forecasts "robust" oil demand growth in 2025

Oil demand will experience "robust growth" in 2025, heading for a new record, according to the first forecasts by the Organisation of the Petroleum Exporting Countries (OPEC) released Wednesday in its monthly report. 

OPEC forecasts the world will consume an average of 106.2 million barrels of oil per day, up from an estimated 104.4 million in 2024 and 102.1 million in 2023. 

Record growth 

These projections put demand for black gold on track for a new record, despite calls from climate experts to reduce consumption of fossil fuels, which contribute most to global warming. 

"Initial forecasts for global oil demand growth in 2025 point to robust year-on-year growth of 1.8 million barrels per day," compared to 2024, OPEC said in its report. 

This increase in demand will be driven "by continued strong economic activity in China and sustained growth expected in other non-OECD countries," the oil cartel said. 

The forecast for global oil demand growth in 2025 remains lower than in 2024, with an increase of 2.2 million barrels per day expected this year, mainly in non-OECD countries, an outlook that remains unchanged from OPEC's estimates reported in December.