Despite calls from climate experts to reduce the consumption of fossil fuels, the biggest contributors to global warming, oil is more popular than ever. Demand for this raw material is even set to experience “robust growth” in 2025, towards a new record, according to initial forecasts from the Organization of the Petroleum Exporting Countries (OPEC) published Wednesday in its monthly report.
The world could consume 106.2 million barrels of oil on average each day in 2025, compared to an estimate of 104.4 million in 2024 and 102.1 in 2023.
A declining growth rate
“Initial forecasts for growth in global oil demand in 2025 show robust growth of 1.8 million barrels per day year-on-year” compared to the year 2024, OPEC indicates in this report.
This increase in demand for black gold should be driven “by the continuation of solid economic activity in China and the sustained growth expected in other non-OECD countries”, underlines the cartel of oil countries.
The forecast growth in global oil demand for the year 2025, however, remains lower than that of 2024, with an increase of 2.3 million barrels per day expected this year, mainly in non-OECD countries. an unchanged outlook compared to the OPEC estimates communicated in December.