OPEC cuts 2025 global oil demand growth forecast, citing US tariffs

OPEC cut its 2025 global oil demand growth forecast on Monday, citing the impact of data received for the first quarter and trade tariffs announced by the U.S., and also reduced its global economic growth forecasts for this year and next.

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.30 million barrels per day (bpd) in 2025, down 150,000 bpd from last month's forecast.

OPEC also lowered its forecasts for world economic growth this year and next.


"The global economy showed a steady growth trend at the beginning of the year, however, recent trade-related dynamics have introduced higher uncertainty to the short-term global economic growth outlook," OPEC said in the report.

OPEC's oil demand view is still at the higher end of industry forecasts and it expects oil use to keep rising for years, unlike the International Energy Agency, which sees demand peaking this decade as the world switches to cleaner fuels. (Editing by David Holmes)