OPEC Monthly Oil Market Report (MOMR) (November 2025):
OPEC MOMR – November 2025: Key Insights
- Demand Outlook: OPEC maintains its 2025 global oil demand growth forecast at ~1.3 mb/d, year-on-year.
- Supply Trends: Non-OPEC (non-DoC) liquids supply is expected to grow, with major contributions from the U.S., Brazil, Canada, and Argentina.
- Inventory Risk: The feature article for November highlights significant concerns over global oil inventory developments, suggesting stock builds may apply pressure on the market.
- Balance Condition: With healthy supply growth but only moderate demand gains, OPEC signals a cautiously balanced market through 2025 and into 2026.
- Macroeconomic Support: OPEC’s economic growth forecasts remain stable — projecting ~3.0% global GDP growth in 2025 and ~3.1% in 2026.
Implications for the Indian / Regional Market
- The steady demand forecast by OPEC suggests a relatively stable consumption environment, which could help downstream refiners plan capacity and inventory.
- Rising non-OPEC supply might keep crude import costs in check, offering an advantage for Indian refiners.
- Inventory pressures globally could lead to pricing volatility — making inventory strategy even more critical for traders and importers.
