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Saudi Aramco, the world’s largest oil exporter, expects global oil demand to grow by a steady 1.3 million barrels per day (bpd) this year compared to 2024, the chief executive of the biggest oil firm in the world told Reuters.
Oil demand is set to hit nearly 106 million bpd this year, up from about 104.6 million bpd last year, Saudi Aramco’s chief executive officer Amin Nasser told Reuters on the sidelines of the World Economic Forum in Davos.
“We still think the market is healthy … last year we averaged around 104.6 million barrels (per day), this year, we’re expecting an additional demand of about 1.3 million barrels … so there is growth in the market,” Nasser told Reuters.
Asked to comment on how the U.S. sanctions on Russian oil would affect global oil flows, Aramco’s top executive said that it was still a very early stage to assess potential issues or supply losses.
Nasser’s view of global oil demand is not too different from the latest OPEC demand forecast in the Monthly Oil Market Report (MOMR) for January.
In this report, published last week, OPEC projects robust demand growth in the world both this year and next.
In 2025, demand is set to grow by 1.4 million bpd, OPEC said, leaving its projection unchanged from the December report.
In the first outlook for 2026, OPEC expects the robust demand growth to continue, with demand rising by another 1.4 million bpd compared to 2025.
Total world oil demand is anticipated to reach 106.6 million bpd in 2026, according to the cartel’s first forecast for next year.
OPEC’s growth estimate for 2025 is higher than that of the International Energy Agency (IEA), which said last week that it expects just about 1 million bpd in global oil demand growth this year compared to 2024. The expected demand growth of 1.05 million bpd would be an acceleration from the estimated 940,000 bpd growth in 2024 “as the economic outlook improves marginally,” the IEA said in its monthly Oil Market Report.
