US LNG exports surge but will buyers in China turn up?
Investing.com -- The Organization of Petroleum Exporting Countries (OPEC) has kept its global economic growth forecasts steady, with expectations of 3.1% growth in 2025 and 3.2% in 2026, according to its monthly oil market report. The United States, Japan, Eurozone, China, India, Brazil, and Russia have also maintained their previous growth forecasts.
The U.S. economy is projected to grow by 2.4% in 2025 and 2.3% in 2026. Japan’s growth rates are expected to be 1.0% for both 2025 and 2026. The Eurozone’s economic growth has been slightly revised down for 2025 to 0.9%, but is predicted to rise to 1.1% in 2026. China’s economic growth is forecast to be 4.7% in 2025, with a slight slowdown to 4.6% in 2026. India’s economic growth is expected to remain at 6.5% for both 2025 and 2026. Brazil’s economic growth is forecast to be 2.3% in 2025 and 2.5% in 2026. Russia’s economic growth forecasts for 2025 and 2026 are unchanged at 1.9% and 1.5%, respectively.
In terms of oil demand, OPEC anticipates the global oil demand growth for 2025 to hold steady at 1.4 million barrels per day (mb/d). This robust oil demand growth is expected to persist in 2026, with the global oil demand projected to grow by 1.4 mb/d. The OECD is forecast to grow by about 0.1 mb/d year-on-year (y-o-y), while the non-OECD is expected to grow by about 1.3 mb/d.
The supply of non-DoC liquids, which refers to the supply from countries not participating in the Declaration of Cooperation, is anticipated to grow by 1.0 mb/d y-o-y in 2025. This is a slight downward revision of 0.1 mb/d from last month’s report. The main contributors to this growth are expected to be the U.S., Brazil, Canada, and Norway. This growth trend is also expected to continue into 2026.
Natural gas liquids (NGLs) and non-conventional liquids from DoC-participating countries are projected to grow by about 80 thousand barrels per day (tb/d) y-o-y in 2025, averaging 8.4 mb/d. This is expected to increase by about 0.1 mb/d y-o-y in 2026 to average 8.5 mb/d. Meanwhile, crude oil production by DoC-participating countries decreased by 118 tb/d in January, month-on-month, averaging about 40.62 mb/d, according to secondary sources.
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