In its monthly report.. OPEC maintains its forecasts for global oil demand growth for 2025 and 2026

In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) kept its forecasts for the global economy and crude oil demand growth unchanged, while its production recorded a notable jump during the month of August.

The report, released today Thursday, September 11, stated that the organization "kept its forecast for global economic growth at 3% in 2025, and 3.1% in 2026," with no adjustments from its previous estimates.

Regarding oil markets, "the organization maintained its forecast for global oil demand growth at 1.3 million barrels per day in 2025, rising to 1.4 million barrels per day in 2026."

In terms of supplies, the report confirmed that growth estimates from producers outside the "Declaration of Cooperation" alliance remained unchanged, as "OPEC kept its estimates for supply growth from outside the 'Declaration of Cooperation' at 0.8 million barrels per day in 2025, and 0.6 million barrels per day in 2026."

As for the demand for oil from the alliance countries, it is expected to "remain at 42.5 million barrels per day in 2025, rising to 43.1 million barrels per day in 2026."

The report revealed a significant increase in production during August, as "the report indicated that OPEC's oil production in August rose by 478 thousand barrels per day to record 27.9 million barrels per day." Additionally, "the production of countries outside OPEC participating in the 'Declaration of Cooperation' increased by 31 thousand barrels per day to reach 14.4 million barrels per day."

"Thus, the total production of the countries in the 'Declaration of Cooperation' increased by about 509 thousand barrels per day to record 42.4 million barrels per day in August."

In a separate context, contrary to OPEC's stable forecasts, the report mentioned that "the International Energy Agency raised its forecasts for global oil demand growth to 740 thousand barrels per day in 2025, compared to previous forecasts of an increase of 680 thousand barrels per day."