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OPEC has kept its forecasts for oil demand growth for the current and upcoming years unchanged from the previous estimate, stating that the global economy maintains a strong growth trajectory in the second half of 2025.

The organization projected in its monthly report released yesterday (Thursday) that oil demand for the current year will grow by 1.3 million barrels per day, and by about 1.4 million barrels in 2026.

This report comes after 8 member countries of the OPEC Plus group decided to increase production during October, in an effort to regain market share.

The report showed that OPEC Plus raised its crude oil production by 509,000 barrels per day during August, reflecting its previous decisions to increase production quotas.