OPEC Expects Global Oil Demand to Slow in 2025

The Organization of the Petroleum Exporting Countries expects global oil demand to slow next year, even as it raised its economic forecast as easing inflation spurs global growth.

The Vienna-based oil-producers’ cartel said in its monthly oil-market report that it sees oil-demand growth at 1.8 million barrels a day in 2025, supported by a solid Chinese economy. The estimate is below this year’s demand growth forecast, which the group left unchanged at 2.2 million barrels a day.

OPEC anticipates global economic growth will pick up next year and reach 2.8% from an estimated 2.6% this year, as central banks are expected to cut interest rates starting from the second half of 2024.

“Non-OECD economies—including the key oil-consuming economies of China and India, along with other Asian developing economies—are set to continue their healthy growth levels and be responsible for a large part of next year’s global economic growth,” the group said Wednesday.