OPEC Monthly Report Confirms Global Economic Growth and Oil Demand Projections

In its monthly report published today, the Organization of the Petroleum Exporting Countries (OPEC) has kept its global economic growth forecast unchanged, predicting an increase of 2.8% for this year, with an expected rise to 3% in 2025 and 3.1% in 2026.

The organization also maintained its forecasts for global oil demand, anticipating an increase of 1.3 million barrels per day in 2025, followed by a further rise of 1.4 million barrels per day in 2026.

In related developments, OPEC raised its projections for oil supply growth outside the "Declaration of Cooperation" countries to 0.9 million barrels per day in 2025, while keeping its estimates for 2026 at 0.6 million barrels per day.

Conversely, the demand forecasts for oil from the countries within the "Declaration of Cooperation" were revised downwards, with estimates now at 42.4 million barrels per day in 2025 and 43 million barrels per day in 2026.

Regarding actual production, the report indicated an increase in OPEC's output in October by 33,000 barrels per day, reaching 28.4 million barrels per day. In contrast, production from the participating countries in the "Declaration of Cooperation" outside OPEC fell by approximately 106,000 barrels per day, totaling 14.5 million barrels per day.

As a result of these changes, the collective production from the countries in the "Declaration of Cooperation" decreased by about 73,000 barrels per day in October, registering a total of 41.02 million barrels per day.