Page 27 - Policy Economic Report - July 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 28.06 28.17 28.11 28.23 28.14
21.82 22.22 22.12 22.10 22.07
of which US 21.76 3.59 3.57 3.55 3.64 3.59
0.40 0.44 0.43 0.42 0.42
Europe 3.53 32.05 32.17 32.08 32.29 32.15
4.69 4.63 4.50 4.53 4.59
Asia Pacific 0.44 0.83 0.82 0.82 0.80 0.82
1.63 1.61 1.56 1.57 1.59
Total OECD 31.68 7.42 7.52 7.50 7.65 7.52
2.01 2.02 2.00 2.00 2.01
China 4.56 2.32 2.27 2.32 2.31 2.31
0.36 0.35 0.37 0.36 0.36
India 0.81 0.09 0.10 0.10 0.10 0.10
19.35 19.32 19.17 19.33 19.29
Other Asia 1.61 51.40 51.49 51.26 51.62 51.44
2.57 2.57 2.57 2.57 2.57
Latin America 7.23 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, July 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 due to actual data for
1Q25 and 2Q25. In the OECD, oil demand is forecast to grow by about 0.1 mb/d in 2025, while non-
OECD demand is forecast to grow by about 1.2 mb/d in 2025.
• In 2026, global oil demand is forecast to grow by 1.3 mb/d, y-o-y, unchanged from last month’s
assessments. The OECD is forecast to grow by about 0.1 mb/d, y-o-y, while the non-OECD is forecast
to grow by 1.2 mb/d, y-o-y.
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