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Informist, Wednesday, May 14, 2025

 

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--OPEC retains growth view for oil demand in 2025 at 1.3 mln bpd
--OPEC retains growth view for oil demand in 2026 at 1.3 mln bpd
--OPEC cuts non-OPEC oil supply growth view for 2025 to 800,000 bpd
--OPEC cuts non-OPEC oil supply growth view for 2026 to 800,000 bpd
--OPEC oil production in April at 26.71 mln bpd, down 62,000 bpd on month
--OPEC, allies' Apr oil output 40.92 mln bpd, down 106,000 bpd on month
--OPEC: Saudi Arabia Apr oil output 9.0 mln bpd, up 49,000 bpd on month
--OPEC: Venezuela Apr oil output at 888,000 bpd, down 34,000 bpd on month
--OPEC: Iran Apr oil output at 3.31 mln bpd, down 30,000 bpd on month
--OPEC: OECD March crude oil stocks up 10.3 mln bbl on month at 2.74 bln bbl
--OPEC: OECD Mar crude oil stocks 69.5 mln bbl lower than latest 5-yr avg
 

 

MUMBAI – The Organization of the Petroleum Exporting Countries has kept the forecast for growth in global crude oil demand for 2025 unchanged at 1.3 million barrels per day. The global oil demand in 2026 is expected to increase by 1.3 million barrels per day from 2025, also unchanged from the previous month's forecast, OPEC said in its May Oil Market Report.

 

The cartel has raised its forecast for crude oil demand for the Organization for Economic Cooperation and Development by around 100,000 barrels per day. Demand for non-OECD is expected to rise by around 1.2 million barrels per day in 2025. In 2026, oil demand for OECD is expected to grow by around 100,000 barrels per day from 2025, and demand in the non-OECD is expected to rise by about 1.2 million barrels per day from this year, it said.

 

Crude oil production in April from countries participating in the Declaration of Cooperation--OPEC and allies--fell by 106,000 barrels per day to 40.92 million barrels per day, according to secondary sources.

 

Supply from countries not participating in the Declaration of Cooperation is estimated to expand by 800,000 barrels per day in 2025 to an average of 54 million barrels per day, down from the last month's assessment of 900,000 barrels per day. In 2026, growth in supply from countries that have not participated in Declaration of Cooperation is forecast to grow by 800,000 barrels per day to 54.8 million barrels per day, down 100,000 barrels per day from last month's forecast. The US, Brazil, Canada, and Argentina will be the main growth drivers in both the years.

 

India's oil demand in 2025 is seen at 5.74 million barrels per day, down from 5.76 million barrels per day projected in April but up from 5.55 million barrels per day in 2024, OPEC said. In 2026, the country is expected to consume 5.99 million barrels per day of oil, up 4.3% from 2025.

 

Saudi Arabia's April oil output is seen at 9.0 million barrels per day, up 49,000 barrels per day from the previous month. Iran's oil output in April is seen at 3.31 million barrels per day, down 30,000 barrels per day. Venezuela's oil production in April fell 34,000 barrels per day to 888,000 barrels per day, according to the cartel.

 

In April, according to secondary sources, total OPEC crude oil production averaged 26.71 million barrels per day, which is 62,000 barrels per day lower than the previous month.

 

In March, crude oil commercial stocks with OECD countries rose by 10.3 million barrels per day to 2.74 billion barrels, according to the report. Stocks were 69.5 million barrels below the latest five-year average. At 1706 IST, the price of West Texas Intermediate crude oil was $62.91 per barrel, down 1.2%. Price of Brent Crude on the Intercontinental Exchange was $65.88 per barrel, down 1.1% from the previous close.  End

 

US$1 = INR 85.27

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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