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Informist, Tuesday, Jul. 15, 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 retains non-OPEC oil supply growth view for 2026 at 700,000 bpd
--OPEC oil production in June at 27.24 mln bpd, up 220,000 bpd on month
--OPEC, allies' June oil output at 41.56 mln bpd, up 349,000 bpd on month
--OPEC: Saudi Arabia June oil output at 9.36 mln bpd, up 173,000 bpd on month
--OPEC: UAE June oil output at 3.05 mln bpd, up 83,000 bpd on month
--OPEC: Kazakhstan June oil output at 1.85 mln bpd, up 64,000 bpd on month
--OPEC: OECD May crude oil stocks up 34.5 mln bbl on month at 2.77 bln bbl
--OPEC: OECD May crude oil stocks 127.7 mln bbl lower than latest 5-yr avg

MUMBAI – The Organization of the Petroleum Exporting Countries expects global crude oil demand to grow by 1.30 million barrels per day in 2025, unchanged from its previous projection. 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 forecast, OPEC said in its July Oil Market Report.

 

The cartel has lowered 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 1.20 million barrels per day in 2025, higher than its previous forecast of a rise of 1.10 million barrels per day. 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 June from countries participating in the Declaration of Cooperation--OPEC and allies--rose by 349,000 barrels per day to 41.56 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, also unchanged 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, unchanged from last month's projection, OPEC said. In 2026, the country is expected to consume 5.96 million barrels per day of oil, slightly lower than the cartel's previous projection.

 

Saudi Arabia's oil output in June was 9.36 million barrels per day, up 173,000 barrels per day from the previous month. Oil output in the United Arab Emirates in June was 3.05 million barrels per day, up 83,000 barrels per day. Kazakhstan's oil production in June rose 64,000 barrels per day to 1.85 million barrels per day, according to the cartel.

 

In June, according to secondary sources, total OPEC crude oil production averaged 27.24 million barrels per day, which is 220,000 barrels per day higher than the previous month.

 

In May, crude oil commercial stocks with OECD countries rose by 34.50 million barrels per day to 2.77 billion barrels, according to the report. Stocks were 127.70 million barrels below the latest five-year average. At 1611 IST, the price of West Texas Intermediate crude oil was $66.55 per barrel, down 0.7%. Price of Brent Crude on the Intercontinental Exchange was $68.89 per barrel, down 0.5% from the previous close.  End

 

US$1 = INR 85.81

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

 

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

 

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