Global Oil Market 2024-2025: Trends, Growth, and Key Drivers
Global oil demand is projected to grow modestly in 2024 and 2025, rising by 840,000 barrels per day (kb/d) and 1.1 million barrels per day (mb/d) respectively, driven by increased petrochemical feedstock use and strong demand from emerging Asia. However, shifts like EV adoption are curbing transportation fuel reliance. On the supply side, non-OPEC+ nations, led by the U.S., Brazil, and Guyana, will drive production growth, reaching 104.8 mb/d in 2025. With OECD inventories below historic averages and refinery activity peaking, the oil market outlook for 2024 remains steady, but geopolitical and economic risks could create volatility.
