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Informist, Tuesday, Aug. 12, 2025

 

--OPEC retains growth view for oil demand in 2025 at 1.3 mln bpd

--OPEC ups growth view for oil demand in 2026 by 100,000 bpd to 1.4 mln bpd

--OPEC retains non-OPEC oil supply growth view for 2025 at 800,000 bpd 

--OPEC cuts non-OPEC oil supply growth view for 2026 to 600,000 bpd

--OPEC oil production in July at 27.54 mln bpd, up 26,000 bpd on month

--OPEC, allies' July oil output at 41.94 mln bpd, up 335,000 bpd on month 

--OPEC: Saudi Arabia July oil output at 9.53 mln bpd, up 170,000 bpd on month

--OPEC: UAE July oil output at 3.17 mln bpd, up 109,000 bpd on month

--OPEC: Iraq July oil output at 3.90 mln bpd, down 51,000 bpd on month

--OPEC: Kazakhstan July oil output at 1.83 mln bpd, down 36,000 bpd on month

--OPEC: OECD June crude oil stocks down 3.2 mln bbl on month at 2.79 bln bbl

--OPEC: OECD June crude oil stocks 91.7 mln bbl lower than latest 5-yr avg

 

MUMBAI – The Organization of the Petroleum Exporting Countries has raised its forecast for global crude oil demand by 100,000 barrels per day from the previous projection to 1.40 million barrels per day for 2026. The upward revision has been attributed to supporting economic activities. In 2025, the cartel expects global crude oil demand to grow by 1.30 million barrels per day, unchanged from its previous projection, OPEC said in its August Oil Market Report.

 

Crude oil demand for the Organization for Economic Cooperation and Development countries is now expected to grow by around 200,000 barrels per day in 2026, against the cartel's previous projection of around 100,000 barrels per day. Demand for non-OECD nations is expected to rise by around 1.20 million barrels per day in 2026, unchanged from the previous forecast. In 2025, oil demand for OECD nations 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 1.20 million barrels per day from this year, it said.

 

India's oil demand in 2026 is seen at 5.93 million barrels per day, slightly lower from the cartel's previous projection. The country is expected to consume 5.70 million barrels per day of oil this year, 20,000 barrels per day lower than last month's forecast.

 

In 2026, oil supply from countries that have not participated in the Declaration of Cooperation is forecast to grow by 600,000 barrels per day to an average of 54.70 million barrels per day, down 100,000 barrels per day from last month's forecast. 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. The US, Brazil, Canada, and Argentina will be the main growth drivers in both years.

 

Crude oil production in July from countries participating in the Declaration of Cooperation--OPEC and allies--rose by 335,000 barrels per day to 41.94 million barrels per day, the report said citing secondary sources. In July, according to secondary sources, total OPEC crude oil production averaged 27.54 million barrels per day, which is 26,000 barrels per day higher than the previous month.

 

Saudi Arabia, the de-facto leader of the group, produced 9.53 million barrels per day of oil in July, up 170,000 barrels per day from the previous month. Oil output in the United Arab Emirates in July was 3.17 million barrels per day, up 109,000 barrels per day. Kazakhstan's oil production in July fell 36,000 barrels per day to 1.83 million barrels per day and Iraq's oil production fell 51,000 barrels per day to 3.90 million barrels per day, according to the cartel. The recent supply hikes by the cartel were reportedly to punish nations which were producing more oil than their assigned quota, such as Iraq and Kazakhstan.

 

In June, crude oil commercial stocks with OECD countries fell by 3.2 million barrels to 2.79 billion barrels, according to the report. Stocks were 91.7 million barrels below the latest five-year average. At 1557 IST, the price of West Texas Intermediate crude oil was 0.3% higher at $64.16 per barrel. Price of Brent Crude on the Intercontinental Exchange was $66.85 per barrel, up 0.3% from the previous close.  End

 

US$1 = INR 87.71

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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