OPEC Sticks to Global Oil Demand Forecasts, Reports Output Jump

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
TT
20

OPEC Sticks to Global Oil Demand Forecasts, Reports Output Jump

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

OPEC on Wednesday kept its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption, and reported that Kazahkstan led a jump in February OPEC+ output despite an ongoing production pact.

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026. Both forecasts were unchanged from last month.

"Trade concerns are expected to contribute to volatility as trade policies continue to be unveiled. However, the global economy is expected to adjust," OPEC said in the report.

OPEC also published figures showing a 363,000 bpd increase in production by the wider OPEC+ group in February, led by a jump in Kazakhstan which is lagging in its adherence to OPEC+ output quotas.

According to the OPEC data, Kazakhstan produced 1.767 million barrels per day (bpd) of oil in February, up from 1.570 million bpd in January.
It has promised to cut the output and compensate for overproduction.
However, it is boosting oil production at the Chevron-led Tengiz oilfield, the country's largest.
Russia's crude oil output edged down by 0.04% to 8.973 million barrels per day (bpd) in February from 8.977 million bpd January, according to OPEC.
It was slightly below Russia's output quota of 8.98 million bpd under a pact among OPEC+ producers.
Russia's quota is expected to rise to 9.004 mln bpd from April with OPEC+' overall gradual increase of output.

Deputy Prime Minister Alexander Novak said last week that the OPEC+ group agreed to start increasing oil production from April, but could reverse the decision afterward if there are market imbalances.



Saudi Inflation Rate Remains Stable at 2.3% in June 2025

The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025
The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025
TT
20

Saudi Inflation Rate Remains Stable at 2.3% in June 2025

The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025
The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025

The General Authority for Statistics (GASTAT) reported that the annual inflation rate in Saudi Arabia remained stable at 2.3% in June 2025 compared to the same month of the previous year.

The Consumer Price Index (CPI) also remained steady at 0.2% in June 2025 compared to May 2025, on a monthly basis.

Similarly, the Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025 compared to the same month last year. However, the WPI decreased by 0.1% in June 2025 compared to May 2025.

According to GASTAT, CPI reflects price changes paid by consumers for a fixed basket of 490 goods and services. This basket was selected based on the results of the 2018 Household Income and Expenditure Survey. Prices are collected through field visits to points of sale, and the CPI statistics are published monthly.