Oil products demand outlook for 2025 and 2026 (Update)

Global oil product demand (excl. ethane) is now forecast to grow by 0.84 mbd y/y in 2025 and by 0.88 mbd in 2026. The latest data shows sluggish demand across key economies. With consumer confidence subdued and renewables continuing to gain market share, a sharp rebound remains unlikely. This update outlines regional growth projections and the primary factors shaping the outlook.