OPEC Reiterates Oil Demand Growth Outlook Amid Economic Growth Momentum

11:58 AM EDT, 09/11/2025 (MT Newswires) -- The Organization of the Petroleum Exporting Countries on Thursday maintained its global oil demand projections, saying the world economy appeared to remain on course for robust expansion.

The cartel continues to expect oil consumption to rise by 1.29 million barrels a day this year and 1.38 million barrels a day in 2026, according to its monthly report.

The OPEC reiterated its growth expectations for the world economy of 3% for this year and 3.1% for 2026. Growth projections for the US were left unchanged at 1.8% and 2.1%, respectively.

"The global economy is expected to sustain solid growth momentum through the end of 2025 and into 2026, supported by easing trade tensions, resilient consumer activity and supportive government policies," the group said.

West Texas Intermediate crude futures fell 1.8% at $62.53 a barrel in Thursday trade, while Brent lost 1.7% to $66.36.

The International Energy Agency on Thursday lifted its projections for global oil demand growth for 2025, while raising supply forecasts as the OPEC continues to unwind its output cuts.

On Sunday, eight members of the OPEC+, which includes allies of the group, agreed to raise October output by 137,000 barrels per day. While the increase is smaller than recent production hikes, the additional volume is expected to add to the market's supply glut. The additional hike follows the cartel's return of 2.2-million barrels per day in supply to the market in tranches.

The OPEC maintained its supply outlook for 2025 and 2026, forecasting liquid supply from countries not participating in the Declaration of Cooperation, or DoC, to grow by 810,000 barrels a day this year and by 630,000 barrels next year. The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies.

The cartel expects the US Federal Reserve to lower its benchmark lending rate twice this year, though a recent uptick in core inflation complicates that decision, according to the OPEC report. It sees a strengthening case for a rate cut later this month.

"US monetary policy is expected to move towards easing as the labor market shows signs of softening, with July employment revisions pointing to slower job growth and the August report showing weak job additions," the OPEC said.

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