Highlights Global oil demand is projected to increase by 680 kb/d in 2025 and 700 kb/d in 2026, to reach 104.4 mb/d. Despite weaker-than-expected demand in China, India and Brazil in recent months, annual growth of 600 kb/d in 2Q25 occurred entirely in the non-OECD. Consumption in the OECD was flat, with Japan at multi-decade …

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