• Advertise
  • Contact Us
  • Supplier Directory
  • SCB YouTube
  • About Us
  • Login
  • Subscribe
  • Logout
  • My Profile
  • LOGISTICS
    • Air Cargo
    • All Logistics
    • Facility Location Planning
    • Freight Forwarding/Customs Brokerage
    • Global Gateways
    • Global Logistics
    • Last Mile Delivery
    • Logistics Outsourcing
    • LTL/Truckload Services
    • Ocean Transportation
    • Parcel & Express
    • Rail & Intermodal
    • Reverse Logistics
    • Service Parts Management
    • Transportation & Distribution
  • TECHNOLOGY
    • All Technology
    • Artificial Intelligence
    • Cloud & On-Demand Systems
    • Data Management (Big Data/IoT/Blockchain)
    • ERP & Enterprise Systems
    • Forecasting & Demand Planning
    • Global Trade Management
    • Inventory Planning/ Optimization
    • Product Lifecycle Management
    • Robotics
    • Sales & Operations Planning
    • SC Finance & Revenue Management
    • SC Planning & Optimization
    • Supply Chain Visibility
    • Transportation Management
  • GENERAL SCM
    • Business Strategy Alignment
    • Customer Relationship Management
    • Education & Professional Development
    • Global Supply Chain Management
    • Global Trade & Economics
    • Green Energy
    • HR & Labor Management
    • Quality & Metrics
    • Regulation & Compliance
    • Sourcing/Procurement/SRM
    • SC Security & Risk Mgmt
    • Supply Chains in Crisis
    • Sustainability & Corporate Social Responsibility
  • WAREHOUSING
    • All Warehouse Services
    • Conveyors & Sortation
    • Lift Trucks & AGVs
    • Order Management & Fulfillment
    • Packaging
    • RFID, Barcode, Mobility & Voice
    • Warehouse Automation
    • Warehouse Management Systems
  • INDUSTRIES
    • Aerospace & Defense
    • Apparel
    • Automotive
    • Chemicals & Energy
    • Consumer Packaged Goods
    • E-Commerce/Omni-Channel
    • Food & Beverage
    • Healthcare
    • High-Tech/Electronics
    • Industrial Manufacturing
    • Pharmaceutical/Biotech
    • Retail
  • THINK TANK
  • WEBINARS
    • On-Demand Webinars
    • Upcoming Webinars
    • Webinar Library
  • PODCASTS
  • WHITEPAPERS
  • VIDEOS
Home » Forecasting & Demand Planning » OPEC Sees Robust Oil Demand Next Year in First Look at 2025

OPEC Sees Robust Oil Demand Next Year in First Look at 2025

AN OPEC SIGN ON THE CORNER OF A BRICK BUILDING.
Vienna, Austria. Photo: Andrey Rudakov/Bloomberg
January 18, 2024
Bloomberg

OPEC forecast that global oil demand will continue to increase strongly next year and exceed growth in supplies, according to the group’s first detailed assessment of 2025.

World consumption will swell by a “robust” 1.8 million barrels a day next year, driven by China and a recovering global economy, the Organization of Petroleum Exporting Countries said in its monthly market report. The forecast comes on the same day that the alliance’s top official published a rebuttal to predictions that oil demand is heading toward a peak.

OPEC sees rival supplies expanding by 1.3 million barrels a day next year. As a result, oil markets are set to remain in deficit through to the end of 2025 unless Saudi Arabia and its allies — which launched new production cuts this month — boost output significantly.

“Peak oil demand is not showing up in any reliable and robust short- and medium-term forecasts,” OPEC Secretary-General Haitham Al Ghais said in a separate statement, pushing back against expectations that climate change will cap the use of fossil fuels.

Read more: Chevron Still Plans to Ship Cargo Along Red Sea Route, CEO Says

Oil demand has surged in the past couple of years as the appetite for transport fuels bounced back from the pandemic, tempering hopes for a swift energy transition. But whether the boom in hydrocarbons will endure is a subject of great debate.

The International Energy Agency, which advises major oil consumers, projects that demand will decelerate sharply in 2024 and ultimately peak this decade thanks to the adoption of renewable energy and electric vehicles.

Brent crude has reflected estimates that oil supply growth is ahead of demand. Futures slumped almost 20% in the fourth quarter and are holding near $77 a barrel even as the conflict in the Middle East and attacks on shipping in the Red Sea threaten supplies from a critical exporting region.

OPEC is publishing estimates for the year ahead a few months earlier than normal “to offer more transparency and support for both consumers and producers,” its Vienna-based secretariat said.

Read more: India Scraps Plan for $602M Strategic Oil Reserve Top-Up

The organization expects global oil demand to increase by 2.25 million barrels a day this year to a record 104.36 million a day, unchanged from the forecasts in December’s report.

Its projections imply a market deficit of about 1.8 million barrels a day on average in 2024, even before OPEC and its allies implement additional output curbs pledged for the first quarter. The coalition promised to cut an additional 900,000 barrels a day from January 1, though analysts expect only around half of this will be implemented.

Whether OPEC’s bullish outlook will be borne out is far from clear. The group’s data had indicated an extremely tight market late last year, just as the group decided it was necessary to announce 900,000 barrels a day of additional cuts to keep supply and demand in balance. Its numbers pointed to a record supply shortfall in the fourth quarter of last year, belied by the slump in crude markets.

The full 22-nation OPEC+ coalition, which includes countries such as Russia, is due to hold an online monitoring meeting February 1. Ministers are next scheduled to meet in-person on June 1. Angola quit the organization this month, but its departure isn’t anticipated to affect supplies.

    RELATED CONTENT

    RELATED VIDEOS

    Forecasting & Demand Planning Global Supply Chain Management Global Trade & Economics Regulation & Compliance Sustainability & Corporate Social Responsibility Chemicals & Energy
    • Related Articles

      Airlines Still See Return to Profit Next Year in First Since 2019

      Oil Demand Growth Slowing as Non-OPEC Supply Increases

      Apple Places First in AMR's Supply Chain Top 25 Ranking for Third Year in a Row

    Bloomberg

    Whistleblowers Claimed Key Oil Tanker Rate Was Manipulated

    More from this author

    Subscribe to our Daily Newsletter!

    Timely, incisive articles delivered directly to your inbox.

    Featured Product

    Popular Stories

    • AERIAL VIEW OF A SHIPYARD SUPERIMPOSED WITH CYBERSECURITY SYMBOLS

      The Software Risk Hiding in Modern Supply Chains

      Business Strategy Alignment
    • 001_v1-(540p).jpg

      Watch: Closing the Skills Gap in Supply Chain Talent

      Education & Professional Development
    • GIST-webinar-Lyngsoe.png

      The Connected Factory: Building Real-Time Visibility

    • MULTIPLE CHAOTIC CHARTS ARE SUPERIMPOSED ON AN AERIAL SHOT OF A BUSY INTERNATIONAL PORT

      The Quest for Supply Chain Resilience Remains Challenging

      Supply Chain Visibility
    • An antique Pinball Machine with Ball in motion

      Why Brands Need To Rethink Their Returns Strategy Before Peak Season

      Air Cargo

    Digital Edition

    Scb q3 26 cover

    100 Great Supply Chain Partners 2026: The Secret to Supply Chain Success

    VIEW THE LATEST ISSUE

    Case Studies

    • Recycled Tagging Fasteners: Small Changes Make a Big Impact

    • A GRAPHIC SHOWING MULTIPLE FORMS OF SHIPPING, WITH A HUMAN STANDING AT THE CENTER, TOUCHING A SYMBOLIC MAP OF THE WORLD

      Enhancing High-Value Electronics Shipment Security with Tive's Real-Time Tracking

    • A GRAPHIC OF INTERLACING HONEYCOMBED ELEMENTS REPRESENTING GLOBAL BUSINESS TRANSACTIONS

      Moving Robots Site-to-Site

    • JLL Finds Perfect Warehouse Location, Leading to $15M Grant for Startup

    • Robots Speed Fulfillment to Help Apparel Company Scale for Growth

    Visit Our Sponsors

    4flow Amazon Freight Anaplan
    Arkieva AutoStore Blue Yonder
    Canadian National Railway Company Carton Cloud CoEnterprise
    Dassault Descartes Dexory
    Duravant E2Open EPG
    General Logistics Systems GEP Hy-Tek
    iGPS Knapp Korber
    Lyngsoe Odyssey Logistics OMP
    PeakAI Procurability Quinyx
    SAP Sikick Staples
    S&P Global Mobility Systech TADA
    Tive TransImpact US Bank
    Werner WSI
    • More From SCB
      • Featured Content
      • Video Library
      • Think Tank Blog
      • SupplyChainBrain Podcast
      • Whitepapers
      • On-Demand Webinars
      • Upcoming Webinars
    • Digital Offerings
      • Digital Issue
      • Subscribe
      • Manage Email Preferences
      • Newsletters
    • Resources
      • Events Calendar
      • 2026 Event Coverage
      • SCB's Great Supply Chain Partners
      • Supplier Directory
      • Case Study Showcase
      • Supply Chain Innovation Awards
      • 100 Great Partners Form
    • SCB Corporate
      • Advertise on SCB.COM
      • About Us
      • Privacy Policy
      • Contact Us
      • Data Sharing Opt-Out

    All content copyright ©2026 Keller International Publishing Corp All rights reserved. No reproduction, transmission or display is permitted without the written permissions of Keller International Publishing Corp

    Design, CMS, Hosting & Web Development :: ePublishing