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Informist, Monday, Jun. 16, 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 retains non-OPEC supply growth view for 2025 at 800,000 bpd
--OPEC cuts non-OPEC oil supply growth view for 2026 to 700,000 bpd
--OPEC oil production in May at 27.02 mln bpd, up 183,000 bpd on month
--OPEC, allies' May oil output 41.23 mln bpd, up 180,000 bpd on month
--OPEC: Saudi Arabia May oil output at 9.18 mln bpd, up 177,000 bpd on month
--OPEC: Iraq May oil output at 3.93 mln bpd, down 50,000 bpd on month
--OPEC: Kazakhstan May oil output at 1.80 mln bpd, down 21,000 bpd on month
--OPEC: OECD Apr crude oil stocks up 4.7 mln bbl on month at 2.74 bln bbl
--OPEC: OECD Apr crude oil stocks 135.3 mln bbl lower than latest 5-yr avg

 

MUMBAI – The Organization of the Petroleum Exporting Countries has kept its forecast for growth in global crude oil demand for 2025 unchanged at 1.30 million barrels per day. The global oil demand in 2026 is expected to increase by 1.30 million barrels per day from 2025, also unchanged from the previous month's forecast, OPEC said in its June Oil Market Report.

 

The cartel has raised its forecast for crude oil demand for the Organization for Economic Cooperation and Development by around 200,000 barrels per day. Demand for non-OECD is expected to rise by more than 1.10 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 countries is expected to rise by about 1.20 million barrels per day from this year, it said.

 

Crude oil production in May from countries participating in the Declaration of Cooperation--OPEC and allies--rose by 180,000 barrels per day to 41.23 million barrels per day, according to the report citing 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 54.00 million barrels per day, unchanged from last month's assessment.

 

In 2026, growth in supply from countries that have not participated in the Declaration of Cooperation is forecast to grow by 700,000 barrels per day to 54.70 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 years.

 

India's oil demand in 2025 is seen at 5.72 million barrels per day, down from 5.74 million barrels per day projected in May but up from 5.55 million barrels per day in 2024, OPEC said. In 2026, the country is expected to consume 5.97 million barrels per day of oil.

 

Saudi Arabia's oil output in May was 9.18 million barrels per day, up 177,000 barrels per day from the previous month. Iraq's oil output in May was 3.93 million barrels per day, down 50,000 barrels per day. Kazakhstan's oil production in May fell 21,000 barrels per day to 1.80 million barrels per day, according to the cartel.

 

In May, according to secondary sources, total OPEC crude oil production averaged 27.02 million barrels per day, which is 183,000 barrels per day higher than the previous month.

 

In April, crude oil commercial stocks with OECD countries rose by 4.70 million barrels per day to 2.74 billion barrels, according to the report. Stocks were 135.30 million barrels below the latest five-year average. At 1618 IST, the price of West Texas Intermediate crude oil was $72.59 per barrel, down 0.5%. Price of Brent Crude on the Intercontinental Exchange was $73.85 per barrel, down 0.5% from the previous close.  End

 

US$1 = INR 86.06

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

 

Reported by Ashutosh Pati

Edited by Rajeev Pai

 

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