6 days Ago
Paris: Opec (Organisation of the Petroleum Exporting Countries) slightly lowered its forecast for oil demand growth on Monday, citing the impact of US tariffs on the world economy. The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels per day (bpd) in 2025, down from a previous forecast of 1.
4 million bpd. The "minor adjustment" was mainly due to first-quarter data and "the expected impact on oil demand given recently announced US tariffs". The now sees global demand reaching at total 105.
1 million bpd this year. It also slightly lowered its global economic growth forecast to three percent. "The global economy showed a steady growth trend at the beginning of the year, however, the near-term trajectory is now subject to higher uncertainty, given the recent tariff-related dynamics," Opec said in the report.
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