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Informist, Wednesday, Nov. 12, 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 raises non-OPEC oil supply growth view for 2025 to 900,000 bpd
--OPEC retains non-OPEC oil supply growth view for 2026 at 600,000 bpd
--OPEC oil production in Oct at 28.46 mln bpd, up 33,000 bpd on month
--OPEC, allies' Oct oil output at 43.02 mln bpd, down 73,000 bpd on month
--OPEC: Saudi Arabia Oct oil output at 10 mln bpd, up 43,000 bpd on month
--OPEC: Russia Oct oil output at 9.38 mln bpd, up 47,000 bpd on month
--OPEC: Iraq Oct oil output at 4.10 mln bpd, up 34,000 bpd on month
--OPEC: Kazakhstan Oct oil output at 1.71 mln bpd, down 155,000 bpd on mo 
--OPEC: OECD Sept crude oil stocks up 6 million bbl on month at 2.85 bln bbl
--OPEC: OECD Sept crude oil stocks 22.4 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 at 1.40 million barrels per day for 2026. The group expects global crude oil demand to rise by 1.30 million barrels per day this year, also unchanged from its previous forecast, OPEC said in its November Oil Market Report.

 

India's oil demand in 2026 is seen at 5.89 million barrels per day, up slightly from OPEC's previous projection of 5.88 million barrels per day. The group also raised its forecast for India's consumption of oil this year to 5.66 million barrels per day from 5.65 million barrels per day projected last month.

 

In 2025, oil demand from the 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. Similar growth is expected in 2026 as well.

 

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 54.70 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 900,000 barrels per day in 2025 to average 54.10 million barrels per day, higher by 100,000 barrels per day from last month's assessment. The US, Brazil, Canada, and Argentina will be the main growth drivers in both years.

 

Crude oil production in October from countries participating in the Declaration of Cooperation--or OPEC and its allies--fell by 73,000 barrels per day from the previous month to 43.02 million barrels per day, according to secondary sources in the report. In October, according to the secondary sources, total OPEC crude oil production was 28.46 million barrels per day, which is 33,000 barrels per day higher than in the previous month.

 

Saudi Arabia, the de-facto leader of the group, produced 10 million barrels per day of oil in October, up 43,000 barrels per day from September. Oil output in Russia rose 47,000 barrels per day on month to 9.38 million barrels per day in October while production in Iraq was 4.10 million barrels per day, up 34,000 barrels per day from September. Oil output in Kazakhstan, which has been accused of producing more than its quota, fell 155,000 barrels per day to 1.71 million barrels per day last month.

 

In September, crude oil commercial stocks with OECD countries rose by 6.0 million barrels to 2.85 billion barrels, according to the report. Stocks were 22.4 million barrels below the latest five-year average. At 1746 IST, the price of West Texas Intermediate crude oil was 1.1% lower at $60.35 per barrel. The price of Brent Crude on the Intercontinental Exchange was $64.47 per barrel, down 1.1% from the previous close.  End

 

US$1 = INR 88.63

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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