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OPEC expects higher oil demand in Q3 2025
OPEC and its allies are ramping up oil output, anticipating very strong demand in the third quarter of 2025 followed by tight fuel supply-demand balance in subsequent months.
The eight members of the alliance, including Russia, are ending years of production cuts meant to support oil markets, Reuters reports.
According to RIA news agency, OPEC+ expects crude demand to grow by 1.3 million barrels per day (bpd) year-on-year in 2025 due to a strong global economy. The organization also forecasts higher oil consumption and a tight supply-demand balance in the fourth quarter.
OPEC said in its outlook that global oil demand will average 105 million bpd this year. The alliance projects demand to grow to average 106.3 million bpd in 2026 and reach 111.6 million bpd by 2029.
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