The organization of oil exporting countries (OPEC) slightly reduced its oil demand growth forecasts on Monday, citing the impact of American tariffs on the global economy.
The oil cartel led by Saudi Arabia said in its monthly report that it now expects the demand to increase 1.3 million barrels per day (BPD) in 2025, against a previous forecast of 1.4 million b / d.
The minor adjustment “was mainly due to the data of the first quarter and” the expected impact on the request for oil given by the recently announced American rates “.
OPEC now sees global demand reaching a total of 105.05 million b / d this year.
It has also slightly reduced its global economic growth forecasts to 3%.
“The global economy has shown a regular growth tendency at the start of the year; however, the short -term trajectory is now subject to higher uncertainty given the recent dynamic linked to the rate,” OPEC in the report.
Oil prices dropped to a four -year hollow last week, diving less than $ 60 per barrel for concerns about the impact of President Donald Trump’s prices.
Prices increased on Monday, with the contract of term contract on international intermediary, the crude from Brent in the North Sea, increasing by 1.3% to $ 65.62 per barrel.
The view of OPEC’s demand for oil is still at the end of industry forecasts and expects the use of oil to continue to go up for years, unlike the International Energy Agency, which sees demand culminating this decade while the world goes to cleaner fuels.
The IEA is expected to update its oil demand forecasts on Tuesday.