Page 37 - Policy Economic Report_Mar'25

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 28.44 28.67 28.31
21.86 22.25 22.36 22.42 22.22
of which US 21.77 3.64 3.60 3.57 3.68 3.62
0.43 0.42 0.43 0.43 0.43
Europe 3.54 32.04 32.15 32.44 32.79 32.36
4.62 4.61 4.52 4.53 4.57
Asia Pacific 0.44 0.82 0.83 0.84 0.84 0.83
1.61 1.59 1.57 1.57 1.58
Total OECD 31.69 7.36 7.40 7.48 7.60 7.46
1.99 2.02 2.02 2.01 2.01
China 4.56 2.36 2.35 2.35 2.35 2.35
0.37 0.37 0.37 0.37 0.37
India 0.80 0.10 0.10 0.10 0.10 0.10
19.23 19.25 19.25 19.36 19.27
Other Asia 1.61 51.27 51.40 51.69 52.15 51.63
2.58 2.58 2.58 2.58 2.58
Latin America 7.22 53.85 53.98 54.27 54.73 54.21

Middle East 1.99

Africa 2.34

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, March 2025

? From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.21 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 1.0 mb/d, y-o-y in 2025.

Oil demand situation

? The global oil demand growth forecast for 2025 remains unchanged at 1.4 mb/d. The OECD is
projected to expand by about 0.1 mb/d, y-o-y, while the non-OECD is forecast to grow by about 1.3
mb/d. Robust oil demand growth is expected to continue in 2026.

? Global oil demand for 2026 is forecast to grow by 1.4 mb/d, y-o-y, unchanged from last month’s
assessment. The OECD is forecast to grow by about 0.1 mb/d, y-o-y, while demand in the non-OECD
is forecast to increase by about 1.3 mb/d.

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