OPEC Maintains Global Growth and Oil Demand Forecasts in Monthly Report
In its monthly report released today, the Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global economic growth at 2.8% for the current year, with expectations for an increase to 3% in 2025 and 3.1% in 2026.
The organization also upheld its projections for global oil demand, anticipating an increase of 1.3 million barrels per day in 2025, followed by another rise of 1.4 million barrels per day in 2026.
Additionally, OPEC raised its forecast for oil supply growth outside of the countries involved in the cooperation agreement to 0.9 million barrels per day in 2025, while maintaining its 2026 estimates at 0.6 million barrels per day.
Conversely, the oil demand forecasts for the countries participating in the cooperation agreement were slightly 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 indicates that OPEC's output increased by 33,000 barrels per day in October, reaching 28.4 million barrels per day. In contrast, production from countries participating in the cooperation agreement outside of OPEC fell by approximately 106,000 barrels per day, totaling 14.5 million barrels per day.
As a result of these changes, production from the countries in the cooperation agreement decreased by about 73,000 barrels per day in October, recording 41.02 million barrels per day.
