Page 29 - Policy & Economic Report - June 2025
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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      28.04      28.08  28.15  28.29  28.14
                                                   21.84      22.15  22.15  22.14  22.07
           of which US                  21.76      3.59       3.62   3.53   3.61   3.59
                                                   0.40       0.43   0.43   0.43   0.42
           Europe                       3.53       32.04      32.12  32.11  32.34  32.15
                                                   4.69       4.61   4.52   4.53   4.59
           Asia Pacific                 0.44       0.83       0.82   0.82   0.80   0.82
                                                   1.62       1.61   1.56   1.57   1.59
           Total OECD                   31.68      7.42       7.47   7.49   7.64   7.50
                                                   2.01       2.02   2.00   1.99   2.00
           China                        4.56       2.32       2.31   2.33   2.32   2.32
                                                   0.36       0.37   0.37   0.37   0.36
           India                        0.80       0.09       0.10   0.10   0.10   0.10
                                                   19.34      19.29  19.18  19.32  19.28
           Other Asia                   1.61       51.38      51.41  51.29  51.66  51.44
                                                   2.57       2.57   2.57   2.57   2.57
           Latin America                7.22       53.95      53.98  53.86  54.23  54.01

           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, June 2025

           • From the above table, it can be inferred, that the total non-DoC liquids production is expected to
               reach 54.01 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 0.8 mb/d, y-o-y in 2025.

           Oil demand situation

           • The global oil demand growth forecast for 2025 remains at 1.3 mb/d, year-on-year (y-o-y), unchanged
               from last month’s assessment. Some minor adjustments were made mainly to actual data for 1Q25.
               In the OECD, oil demand is forecast to grow by about 0.2 mb/d in 2025, while non-OECD demand is
               forecast to grow by more than 1.1 mb/d in 2025.

           • In 2026, global oil demand is forecast to grow by 1.3 mb/d y-o-y, also unchanged from last month’s
               assessments, with the OECD forecast to grow by around 0.1 mb/d, y-o-y, while the non-OECD is
               forecast to grow by 1.2 mb/d, y-o-y.

June 2025                                                                          Page | 28
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