Baghdad: The Organization of the Petroleum Exporting Countries (OPEC) monthly report for November 2025 revealed that global oil demand continues on an upward trajectory through 2025 and 2026, supported by improving industrial activity in emerging economies and rising demand for transportation fuels and petrochemicals, despite ongoing economic and geopolitical challenges in global markets.

According to National Iraqi News Agency, OPEC maintained its forecast for global oil demand growth in 2025 at around 1.3 million barrels per day (bpd), unchanged from the previous assessment.

In detail, demand in OECD countries is expected to record a slight increase of 0.1 million bpd in 2025, while Non-OECD countries are projected to drive most of the growth with an increase of 1.2 million bpd. For 2026, OPEC also kept its projections unchanged, expecting global oil demand to rise by about 1.4 million bpd year-on-year, including 0.1 million bpd in OECD countries and 1.2 million bpd in Non-OECD countries.

On the supply
side, the report indicated that liquid output from non-OPEC+ producers is projected to grow by around 0.9 million bpd in 2025, reaching an average of 54.1 million bpd, a slight upward revision of 0.1 million bpd from the previous estimate, mainly due to updated historical production data.