Page 31 - Policy Economic Report - April 2025
P. 31
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Table 3: Non-DoC liquids production in 2025, mb/d
Non-OPEC liquids production 2024 1Q25 2Q25 3Q25 4Q25 2025
Americas 27.71 27.97 28.13 28.32 28.60 28.26
21.73 22.22 22.30 22.41 22.17
of which US 21.76 3.58 3.56 3.57 3.63 3.58
0.42 0.42 0.43 0.43 0.43
Europe 3.53 31.98 32.10 32.31 32.67 32.27
4.62 4.61 4.52 4.53 4.57
Asia Pacific 0.44 0.84 0.83 0.84 0.84 0.84
1.62 1.59 1.57 1.57 1.59
Total OECD 31.68 7.33 7.37 7.49 7.64 7.46
1.99 2.01 2.00 2.00 2.00
China 4.56 2.35 2.35 2.35 2.34 2.35
0.36 0.37 0.37 0.37 0.37
India 0.80 0.09 0.10 0.10 0.10 0.10
19.21 19.22 19.24 19.38 19.26
Other Asia 1.61 51.18 51.32 51.56 52.06 51.53
2.57 2.57 2.57 2.57 2.57
Latin America 7.22 53.75 53.89 54.13 54.63 54.10
Middle East 1.99
Africa 2.33
Other Eurasia 0.37
Other Europe 0.10
Total Non-OECD 19.00
Total Non-DoC production 50.68
Processing gains 2.52
Total Non-DoC liquids production 53.20
Source- OPEC monthly report, April 2025
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.10 mb/d by 2025.
• The non-DoC liquids supply (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecast to grow by about 0.9 mb/d, y-o-y in 2025.
Oil demand situation
• The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y. This minor
adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given
recently announced US tariffs. In the OECD, oil demand is expected to grow by 0.04 mb/d, while non-
OECD demand is forecast to expand by almost 1.25 mb/d in 2025.
• The forecast for global oil demand growth in 2026 is revised down slightly to about 1.3 mb/d. The
OECD is expected to grow by around 0.1 mb/d, y-o-y, in 2026, while demand in the non-OECD is
forecast to increase by 1.2 mb/d, y-o-y, in 2026.
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