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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 27.90 28.18 28.22 28.36 28.17
21.68 22.27 22.22 22.21 22.10
of which US 21.76 3.58 3.57 3.55 3.63 3.58
0.40 0.43 0.43 0.43 0.42
Europe 3.53 31.89 32.18 32.20 32.43 32.18
4.69 4.61 4.52 4.53 4.59
Asia Pacific 0.44 0.83 0.82 0.82 0.80 0.82
1.64 1.58 1.56 1.57 1.59
Total OECD 31.68 7.39 7.38 7.49 7.64 7.48
2.01 2.00 2.00 1.99 2.00
China 4.56 2.33 2.33 2.33 2.32 2.33
0.36 0.37 0.37 0.37 0.37
India 0.80 0.09 0.10 0.10 0.10 0.10
19.34 19.18 19.18 19.33 19.26
Other Asia 1.61 51.23 51.36 51.38 51.75 51.43
2.57 2.57 2.57 2.57 2.57
Latin America 7.22 53.80 53.93 53.95 54.32 54.00
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, May 2025
? From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.00 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
? Global oil demand in 2025 is expected to grow by 1.3 mb/d, y-o-y, unchanged from last month’s
assessment. Some minor adjustments were made in 1Q25, mainly due to the receipt of actual data.
In the OECD, oil demand is expected to expand by about 0.1 mb/d, while non-OECD demand is
forecast to increase by about 1.2 mb/d in 2025.
? In 2026, world oil demand is projected to rise by 1.3 mb/d, y-o-y, also unchanged from last month’s
assessment. The OECD is anticipated to grow by around 0.1 mb/d, y-o-y, in 2026, while demand in
the non-OECD is expected to increase by about 1.2 mb/d, y-o-y.
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