More Stories

Informist, Thursday, Dec. 11, 2025

 

Please click here to read all liners published on this story

--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 1 mln bpd
--OPEC retains non-OPEC oil supply growth view for 2026 at 600,000 bpd
--OPEC oil production in November at 28.48 mln bpd, down 1,000 bpd on month
--OPEC, allies' Nov oil output at 43.07 mln bpd, up 43,000 bpd on month
--OPEC: Russia Nov oil output at 9.37 mln bpd, up 10,000 bpd on month
--OPEC: Saudi Arabia Nov oil output at 10.1 mln bpd, up 54,000 bpd on month 
--OPEC: Kazakhstan Nov oil output at 1.75 mln bpd, up 36,000 bpd on month
--OPEC: Venezuela Nov oil output at 934,000 bpd, down 27,000 bpd on month
--OPEC: OECD Oct crude oil stocks down 32 mln bbl on month at 2.83 bln bbl
--OPEC: OECD Oct crude oil stocks 12.4 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 has also retained its forecast for growth in global crude oil demand in 2025 to rise by 1.30 million barrels per day this year, OPEC said in its December Oil Market Report.

 

India's oil demand in 2026 is seen at 5.88 million barrels per day, down slightly from OPEC's previous projection of 5.89 million barrels per day. The group expects India's oil consumption to be at 5.66 million barrels per day this year, unchanged from its previous forecast.

 

In 2026, oil demand from the Organization for Economic Cooperation and Development countries is expected to grow by around 200,000 barrels per day on-year, while demand from non-OECD countries is forecast to grow by around 1.2 million barrels per day. Oil demand from OECD countries is expected to grow by around 100,000 barrels per day this year and non-OECD demand is likely to grow by 1.2 million barrels per day, it said.

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 54.80 million barrels per day, with growth unchanged from last month's forecast. Supply from countries not participating in the Declaration of Cooperation is estimated to rise by 1 million barrels per day in 2025 to average 54.10 million barrels per day, higher by around 50,000 barrels per day from last month's assessment. The upward revision to this year's forecast is mainly to accommodate for seasonality and data received so far for the last quarter of the year, it said. The US, Brazil, Canada, and Argentina will be the main growth drivers in both years.  

 

Crude oil production in November from countries participating in the Declaration of Cooperation--or OPEC and its allies--rose by 43,000 barrels per day from the previous month to 43.07 million barrels per day, according to secondary sources in the report. In November, according to secondary sources, total OPEC crude oil production was 28.48 million barrels per day, which is 1,000 barrels per day lower than in the previous month.

 

Saudi Arabia, the de-facto leader of the group, produced around 10.1 million barrels per day of oil in November, up 54,000 barrels per day from October. Oil output in Russia rose 10,000 barrels per day on month to 9.37 million barrels per day in November while production in Venezuela was 934,000 barrels per day, down 27,000 barrels per day from October. Oil output in Kazakhstan, which has been accused of producing more than its quota this year, rose 36,000 barrels per day to 1.75 million barrels per day last month.

 

In October, crude oil commercial stocks with OECD countries fell by 32 million barrels to 2.83 billion barrels, according to the report. Stocks were 12.4 million barrels below the latest five-year average. At 1818 IST, the price of West Texas Intermediate crude oil was 1.2% lower at $57.74 per barrel. The price of Brent crude on the Intercontinental Exchange was $61.47 per barrel, down 1.2% from the previous close.  End

 

US$1 = INR 90.37

 

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

Reported by Ashutosh Pati

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.