OPEC retains 2026 demand growth view of 1.4 mln bpd; 2025 growth view unch
This story was originally published at 17:39 IST on 13 October 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 1.4 mln bpd
--OPEC retains non-OPEC oil supply growth view for 2025 at 800,000 bpd
--OPEC retains non-OPEC oil supply growth view for 2026 at 600,000 bpd
--OPEC oil production in Sept at 28.44 mln bpd, up 524,000 bpd on month
--OPEC, allies' Sept oil output at 43.05 mln bpd, up 630,000 bpd on month
--OPEC: Saudi Arabia Sept oil output at 9.96 mln bpd, up 248,000 bpd on mo
--OPEC: Russia Sept oil output at 9.32 mln bpd, up 148,000 bpd on month
--OPEC: UAE Sept oil output at 3.35 mln bpd, up 98,000 bpd on month
--OPEC: OECD Aug crude oil stocks down 500,000 bbl on month at 2.79 bln bbl
--OPEC: OECD Aug crude oil stocks 92.2 mln bbl lower than latest 5-yr avg
MUMBAI – The Organization of the Petroleum Exporting Countries has retained its forecast for growth in global crude oil demand in 2026 at 1.40 million barrels per day. In 2025, the group expects global crude oil demand to rise by 1.30 million barrels per day, unchanged from its previous forecast, OPEC said in its October Oil Market Report.
India's oil demand in 2026 is seen at 5.88 million barrels per day, down 50,000 barrels per day from OPEC's previous projection. The group also lowered its forecast for India's consumption of oil this year to 5.65 million barrels per day from 5.70 million barrels per day projected last month.
In 2025, oil demand from Organization for Economic Cooperation and Development countries is expected to grow by around 100,000 barrels per day while demand in non-OECD countries is expected to rise by 1.20 million barrels per day, according to the group.
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 average 54.60 million barrels per day, unchanged from last month's forecast. Supply from countries not participating in the Declaration of Cooperation is estimated to rise by 800,000 barrels per day in 2025 to average 54.00 million barrels per day, also 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 September from countries participating in the Declaration of Cooperation--or OPEC and its allies--rose by 630,000 barrels per day from the previous month to 43.05 million barrels per day, according to secondary sources in the report. In September, according to the secondary sources, total OPEC crude oil production was 28.44 million barrels per day, which is 524,000 barrels per day higher than in the previous month.
Saudi Arabia, de-facto leader of the group, produced 9.96 million barrels per day of oil in September, up 248,000 barrels per day from August. Oil output in Russia rose 148,000 barrels per day on month to 9.32 million barrels per day in September while production in the United Arab Emirates was 3.35 million barrels per day, up 98,000 barrels per day from August.
In August, crude oil commercial stocks with OECD countries fell by 500,000 barrels to 2.79 billion barrels, according to the report. Stocks were 92.2 million barrels below the latest five-year average. At 1640 IST, the price of West Texas Intermediate crude oil was 1.8% higher at $59.96 per barrel. The price of Brent Crude on the Intercontinental Exchange was $63.74 per barrel, up 1.6% from the previous close. End
US$1 = INR 88.67
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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