World News
OPEC Maintains 2025 Oil Demand Growth Forecast, Projects Robust Growth for 2026
In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) has kept global oil demand growth unchanged at 1.4 million b/d for 2025. It projected a similar growth rate of 1.4 million b/d for 2026.
The global demand growth in 2025 will largely be driven by non-OECD (Organization for Economic Co-operation and Development) countries, accounting for 1.3 million b/d of the increase, compared to just 0.1 million b/d growth from OECD countries, the report highlights.
In contrast, the International Energy Agency expects slower growth of 1.05 million b/d in 2025.
“Growth this year is expected to be bolstered by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries," OPEC said in its report.
OPEC forecasts global oil demand to reach 104.2 million b/d in 2025 and 106.6 million b/d in 2026.
Robust demand from India, China, the Middle East, Latin America, and other Asian countries is expected to drive this growth.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 597.00 | 2.00 | 733.00 | 8.00 |
| Rotterdam | 547.00 | 3.00 | 706.50 | 1.00 |
| Houston | 598.00 | 1.00 | 765.50 | 6.50 |
| Fujairah | 586.50 | 2.50 | 782.00 | 4.00 |
| Global 20 Ports Average | 608.50 | 2.00 | 801.50 | 0.50 |
| Global 4 Ports Average | 582.00 | 2.50 | 747.00 | 1.50 |
| Global Average Bunker Price | 649.50 | 1.00 | 839.50 | 0.50 |
Popular Now More
-
Jan 15Kimberly Westmoreland has taken on the role of marine business development and energy transition director at World Fuel Services as of this month. -
Jan 15The new hire previously served as head of fuel oil for Asia at Montfort. -
Jan 15Rather than rank all 41 of its licensed suppliers by volume, the authority has published an alphabetical list of its top ten suppliers.