Total world oil demand is anticipated to reach 104.2 mb/d in 1Q25 and 105.2 mb/d in 2025, Organization of Petroleum Exporting Countries (OPEC) has said.
In its Monthly Oil Market Report for January, the oil cartel forecasted that total world oil demand is anticipated to reach 106.6 mb/d, representing a 1.4 mb/d growth year-on-year.
The report notes that the OECD is projected to grow by around 0.1 mb/d, with increases seen mostly from OECD Americas. OECD Europe and the OECD Asia Pacific region are also projected to increase, albeit slightly, y-o-y.
“In the non-OECD, oil demand growth is forecast to rise by around 1.3 mb/d, y-o-y, driven by Other Asia, India and China, and supported further by Latin America and the Middle East.
“In the non-OECD, demand is forecast to expand by a much stronger 1.3 mb/d. Oil demand in the non-OECD is forecast to be mostly driven by requirements from China, supported by Other Asia, India, the Middle East and Latin America.
“Moreover, growth this year is expected to be bolstered by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries.
“Similarly, capacity additions and petrochemical margins are expected to continue to contribute to oil demand growth. In terms of products, oil demand is projected to be driven by requirements for transportation fuels, led by jet/kerosene, followed by gasoline and diesel,” the report stated.