OPEC Sees Robust Oil Demand in Q3 Amid Supply Ramp-Up and Tight Market Outlook
- Flexi Group
- 33 minutes ago
- 2 min read
OPEC, together with its allies in the OPEC+ alliance, is ramping up oil production in anticipation of what it expects to be “very strong” demand in the third quarter, with a tight supply-demand balance anticipated in the months to follow, according to comments made by Secretary General Haitham Al Ghais, as reported by Russian media.

The eight core members of the OPEC+ group—which includes the Organization of the Petroleum Exporting Countries and non-OPEC partners such as Russia—are currently reversing years of output cuts that were initially implemented to stabilize the market during periods of low demand and oversupply. The decision to bring more barrels back to the market reflects confidence in the near-term demand trajectory, supported by broader macroeconomic momentum.
According to five sources cited by Reuters, the OPEC+ coalition is poised to approve another substantial increase in oil production for the month of September. This would mark a continuation of the group’s recent strategy to gradually unwind its output restrictions as oil market fundamentals strengthen.
Speaking to journalists on the sidelines of last week’s OPEC seminar held in Vienna, Al Ghais said the group sees year-on-year demand growth of 1.3 million barrels per day in 2025, attributing the rise to positive economic conditions across major economies. Russia’s RIA news agency reported his remarks, in which he emphasized that consumption patterns are expected to accelerate notably in the coming months.
“And that means we are seeing, especially in the third quarter, very strong demand growth,” Al Ghais stated, according to the RIA report.
“In the fourth quarter also we’re seeing good demand growth, and the balances will be tight. And this is one of the main fundamental factors that is leading for the group of eight countries to bring barrels back to the market,” he added.
These bullish comments come on the heels of OPEC revising down its short- to medium-term demand forecasts last week, citing slower-than-expected growth in China, which has long been a critical driver of global oil consumption. Nonetheless, OPEC’s broader outlook remains optimistic, particularly over the long term, as consumption in developing economies is expected to offset the slowdown in China and other mature markets.
In its 2025 edition of the World Oil Outlook, released Thursday, OPEC projected that global oil demand will average 105 million barrels per day this year. That figure is expected to rise to an average of 106.3 million barrels per day in 2026. By 2029, demand is forecast to climb further to 111.6 million barrels per day, underpinned by expanding transportation and industrial needs in emerging markets.
Al Ghais’ assessment reflects the organization’s view that the global oil market is entering a period of robust demand, justifying the phased return of previously curtailed output. While uncertainties remain regarding the pace of economic recovery in some regions, OPEC+ appears confident that fundamentals will remain supportive of higher production levels and tighter supply balances through the end of the year and into 2025.
By fLEXI tEAM
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