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Informist, Wednesday, Mar. 12, 2025

 

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--OPEC retains growth view for oil demand in 2025 at 1.4 mln bpd 
--OPEC retains growth view for oil demand in 2026 at 1.4 mln bpd 
--OPEC retains non-OPEC oil supply growth view for 2025 at 1.0 mln bpd 
--OPEC retains non-OPEC oil supply growth view for 2026 at 1.0 mln bpd 
--OPEC oil production in Feb at 26.86 mln bpd, up 154,000 bpd on month 
--OPEC, allies' oil output in Feb at 41.01 mln bpd, up 363,000 bpd on month 
--OPEC: Saudi Arabia Feb oil output at 8.96 mln bpd, up 18,000 bpd on month 
--OPEC: Iran Feb oil output at 3.31 mln bpd, up 34,000 bpd on month 
--OPEC: OECD Jan crude oil stocks up 1 mln bbl on month at 2.74 bln bbl 
--OPEC: OECD Jan crude oil stocks 188 mln bbl lower than 2015-2019 avg
 

 

MUMBAI – The Organization of the Petroleum Exporting Countries has kept the forecast for growth in global crude oil demand for 2025 unchanged at 1.4 million barrels per day. The global oil demand in 2026 is expected to increase by 1.4 million barrels per day from 2025, also unchanged from the previous month's forecast, OPEC said in its March Oil Market Report.

 

The cartel has kept its forecast for crude oil demand for the Organization for Economic Cooperation and Development unchanged from the previous month at 100,000 barrels per day. For non-OECD, the demand is forecast to rise by about 1.3 million barrels per day. This robust oil demand growth is expected to continue in 2026, it said.

 

Crude oil production in February from countries participating in the Declaration of Cooperation--OPEC and allies--rose by 363,000 barrels per day to 41.01 million barrels per day, according to secondary sources.

 

Supply from countries not participating in the Declaration of Cooperation is estimated to have expanded by 1.0 million barrels per day in 2025 to 54.2 million barrels per day, unchanged from last month's assessment. The main growth drivers are expected to be the US, Brazil, Canada, and Norway, with the main decline anticipated in Angola, it said. Non-DoC liquids supply growth in 2026 is also forecast to grow by 1.0 million barrels per day to 55.2 million barrels per day.

 

Similarly, OECD supply is expected to increase next year by 500,000 barrels per day, and non-OECD output is set to rise by 400,000 barrels per day, unchanged from last month's forecast. The main drivers for the liquid supply growth are expected to be the US, Brazil, Canada, and Argentina. At the same time, Norwegian production is forecast to see the largest drop.

 

India's oil demand in 2025 is seen at 5.79 million barrels per day, up from 5.55 million barrels per day in 2024, OPEC said. In 2026, the country is expected to consume 6.06 million barrels per day of oil, up 4.7% from 2025.

 

Saudi Arabia's February oil output is seen at 8.96 million barrels per day, up 18,000 barrels per day from the previous month. Iran's February oil output is seen at 3.31 million barrels per day, up 34,000 barrels per day, according to the cartel.

 

In February, according to secondary sources, total OPEC crude oil production averaged 26.86 million barrels per day, which is 154,000 barrels per day higher than the previous month. 

 

In January, crude oil commercial stocks with OECD countries rose by 1 million barrels per day to 2.74 billion barrels, according to the report. Stocks were 188 million barrels below the 2015–19 average.

 

At 1832 IST, the price of West Texas Intermediate crude oil was $67.23 per barrel, up 1.5%. Price of Brent oil on the Intercontinental Exchange was $70.46 per barrel, up 1.3% from the previous close.  End

 

US$1 = INR 87.21

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Ashish Shirke

 

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