Global oil markets expanded in 2025, with demand and supply rising as stronger consumption across Asia, Africa and the Middle East pushed usage to record levels, according to OPEC’s latest Annual Statistical Bulletin (ASB).
World oil demand increased by 1.3 million barrels a day to average 105.15 million barrels daily, with Africa emerging as one of the key contributors alongside Non-OECD (Organisation for Economic Co-operation and Development) Asia, China, India and Latin America. The data underscores a continued shift in energy consumption toward developing economies, where population growth, urbanization and industrial activity are accelerating fuel use.
Africa’s demand growth reflects structural changes in energy consumption, as more households and businesses gain access to transport fuels and petroleum-based energy. The continent is increasingly becoming a source of incremental demand, even as mature markets show slower growth.
The shift is beginning to reshape the global oil market. As demand growth concentrates in emerging economies, pricing power and trade flows are gradually tilting toward Asia, which remains the dominant destination for crude exports. At the same time, regions with rising consumption but limited refining capacity, particularly parts of Africa, are becoming more reliant on imported petroleum products, exposing them to supply risks and price swings.
Supply also expanded to meet rising consumption. Global crude oil production rose by 2.24 million barrels a day to 74.85 million barrels daily. Output from OPEC members increased by 1.22 million barrels a day, while non-OPEC producers participating in the Declaration of Cooperation added 0.12 million barrels daily.
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Refining capacity growth remained limited, highlighting a potential constraint in the market. Global capacity edged up by just 0.05 million barrels a day to 103.66 million barrels daily, driven largely by expansions in Asia and the Middle East. In contrast, OECD countries recorded a decline of 0.85 million barrels a day as older facilities were shut down.
Trade flows continued to tilt toward Asia. OPEC exported an average of 19.85 million barrels a day of crude in 2025, up 0.85 million barrels from a year earlier, with 14.79 million barrels a day heading to Asian markets.
Oil reserves also edged higher. Proven global crude reserves rose to 1.572 trillion barrels at the end of 2025, with OPEC countries holding 1.243 trillion barrels, maintaining control over the majority of global resources.
The data points to a market that remains structurally dependent on OPEC supply while demand growth shifts decisively toward emerging economies. Even as energy transition policies gather pace in advanced economies, rising consumption in regions such as Africa suggests oil demand will remain resilient in the medium term, reshaping investment, refining and global trade patterns.
