OPEC lowers 2025 oil demand outlook amid U.S. tariff concerns

VIENNA, April 14 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) has revised down its forecast for global oil demand growth in 2025 to 1.3 million barrels per day (bpd), citing the expected impact of recently announced U.S. tariffs. The adjustment was outlined in OPEC's monthly oil market report released on Monday.

OPEC also lowered its outlook for 2026, again attributing the adjustment to the impact of new U.S. tariffs. According to the report, global oil demand next year is expected to rise by approximately 1.3 million bpd year-on-year.

The report noted that the near-term trajectory of the global economy now faces greater uncertainty due to these tariff-related developments. As a result, OPEC trimmed its global economic growth forecasts slightly, down to 3 percent for 2025 and 3.1 percent for 2026. Projections for U.S. economic growth were also reduced, to 2.1 percent for 2025 and 2.2 percent for 2026. ■