OPEC cuts 2025 international oil demand development forecast, citing US tariffs

LONDON (Reuters) – OPEC minimize its 2025 international oil demand development forecast on Monday, citing the impression of information acquired for the primary quarter and commerce tariffs introduced by the U.S., and likewise lowered its international financial development forecasts for this 12 months and subsequent.

The Group of the Petroleum Exporting International locations, in a month-to-month report, mentioned world oil demand will rise by 1.30 million barrels per day (bpd) in 2025, down 150,000 bpd from final month’s forecast.

OPEC additionally lowered its forecasts for world financial development this 12 months and subsequent.

“The worldwide financial system confirmed a gentle development development at the start of the 12 months, nonetheless, latest trade-related dynamics have launched increased uncertainty to the short-term international financial development outlook,” OPEC mentioned within the report.

OPEC’s oil demand view continues to be on the increased finish of trade forecasts and it expects oil use to maintain rising for years, in contrast to the Worldwide Vitality Company, which sees demand peaking this decade because the world switches to cleaner fuels.

(Modifying by David Holmes)