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OIL: OPEC Keeps Demand Growth Forecasts Unchanged

OIL
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The global oil demand growth forecast for 2025 remains unchanged at 1.45 mb/d, according to the February OPEC Monthly Oil Market Report. 

  • OECD is projected to grow by about 0.1mb/d y/y with non-OECD growth of 1.3 mb/d.
  • Global oil demand for 2026 is forecast to grow by 1.4 mb/d y/y, unchanged from the previous projection. OECD growth is seen at 0.1 mb/d and non-OECD about 1.3 mb/d.
  • Supply from countries not participating in the Declaration of Cooperation is revised down by 0.1 mb/d and forecast to grow by 1.0 mb/d y/y in 2025 driven by US, Brazil, Canada, and Norway. Non-DoC liquids supply growth is also forecast at 1.0 mb/d in 2026.
  • Crude oil production by the countries participating in the DoC decreased by 118kb/d in January to 40.62 mb/d, according to secondary sources.
  • Global refinery intake fell 1.0 mb/d m/m in January to 81.3 mb/d, due to refinery outages amid US weather disruption in the US. Intake was 750kb/d higher y/y.
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The global oil demand growth forecast for 2025 remains unchanged at 1.45 mb/d, according to the February OPEC Monthly Oil Market Report. 

  • OECD is projected to grow by about 0.1mb/d y/y with non-OECD growth of 1.3 mb/d.
  • Global oil demand for 2026 is forecast to grow by 1.4 mb/d y/y, unchanged from the previous projection. OECD growth is seen at 0.1 mb/d and non-OECD about 1.3 mb/d.
  • Supply from countries not participating in the Declaration of Cooperation is revised down by 0.1 mb/d and forecast to grow by 1.0 mb/d y/y in 2025 driven by US, Brazil, Canada, and Norway. Non-DoC liquids supply growth is also forecast at 1.0 mb/d in 2026.
  • Crude oil production by the countries participating in the DoC decreased by 118kb/d in January to 40.62 mb/d, according to secondary sources.
  • Global refinery intake fell 1.0 mb/d m/m in January to 81.3 mb/d, due to refinery outages amid US weather disruption in the US. Intake was 750kb/d higher y/y.