OPEC predicts a significant surge in oil demand in Q3 2025, leading to a tight supply-demand balance. The organization plans to increase oil production in collaboration with allies to meet this anticipated demand.

Secretary General Haitham Al Ghais highlighted OPEC’s strategy to reverse output cuts and boost the market. The OPEC+ producer group, including Russia, is gradually increasing production in response to forecasted demand growth.

Al Ghais projects a 1.3mbpd demand increase in 2025, driven by a strong global economy. OPEC expects robust demand growth in the third and fourth quarters, prompting the group to bring barrels back to the market to meet the demand.

Despite revising global oil demand forecasts due to Chinese economic slowdown, OPEC raised its longer-term outlook based on rising consumption in developing countries. The 2025 World Oil Outlook estimates global demand to reach 105mbpd in 2025, 106.3mbpd in 2026, and 111.6mbpd by 2029.

Read more at Yahoo Finance: OPEC expects oil demand surge in Q3, followed by tight supply-demand balance