Page 29 - Policy Economic Report - November 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 27.72 27.99 28.35 28.89 27.74 28.24
21.75 22.43 22.81 21.67 22.17
of which US 21.76 3.59 3.55 3.61 3.61 3.59
0.40 0.43 0.43 0.42 0.42
Europe 3.53 31.98 32.34 32.94 31.77 32.26
4.69 4.66 4.59 4.55 4.62
Asia Pacific 0.44 0.83 0.82 0.81 0.80 0.82
1.62 1.63 1.62 1.57 1.61
Total OECD 31.69 7.34 7.52 7.75 7.56 7.54
1.99 1.99 2.00 1.99 1.99
China 4.56 2.30 2.24 2.26 2.29 2.27
0.36 0.35 0.36 0.36 0.36
India 0.81 0.09 0.10 0.09 0.10 0.10
19.22 19.31 19.50 19.24 19.32
Other Asia 1.60 51.20 51.64 52.43 51.02 51.57
2.54 2.54 2.54 2.54 2.54
Latin America 7.23 53.74 54.18 54.97 53.56 54.11
Middle East 1.99
Africa 2.33
Other Eurasia 0.37
Other Europe 0.10
Total Non-OECD 18.99
Total Non-DoC production 50.68
Processing gains 2.52
Total Non-DoC liquids production 53.20
Source - OPEC monthly report, November 2025
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.11 mb/d by 2025.
• The non-DoC liquids supply (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecasted to grow by about 0.9 mb/d, y-o-y in 2025.
Oil demand situation
• The global oil demand growth forecast for 2025 remains at about 1.3 mb/d, y-o-y, unchanged from
last month’s assessment. In the OECD, oil demand is forecast to grow by about 0.1 mb/d in 2025,
while oil demand in the non-OECD is forecast to grow by about 1.2 mb/d.
• In 2026, global oil demand is forecast to grow by about 1.4 mb/d, y-o-y, also unchanged from last
month’s assessment. The OECD is forecast to grow by about 0.1 mb/d, y-o-y, while the non-OECD is
forecast to grow by about 1.2 mb/d, y-o-y.
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