OPEC cut its 2025 global oil demand growth forecast for the first time since December, citing Q1 data and U.S. trade tariffs.
Oil demand is expected to rise by 1.30 million bpd in 2025 and 1.28 million bpd in 2026, both down 150,000 bpd from previous forecasts.
U.S. tariffs and planned higher OPEC+ output have pressured oil prices and raised economic concerns.
OPEC lowered its 2024 global economic growth forecast to 3.0 percent from 3.1 percent and its 2025 forecast to 3.1 percent from 3.2 percent.
Oil prices remained steady near $66 a barrel after the report, despite a 10 percent decline earlier this month.
OPEC maintains a relatively bullish long-term oil demand outlook compared to the IEA, which predicts a demand peak this decade.
The IEA is set to release updated oil demand forecasts on Tuesday, Reuters news report said.
OPEC+ crude output fell by 37,000 bpd in March to 41.02 million bpd, mainly due to cuts by Nigeria and Iraq.
Kazakhstan increased output by 37,000 bpd in March to 1.852 million bpd, breaching its OPEC+ quota again.
Kazakhstan’s energy ministry pledged to meet its April commitments and partly compensate for past overproduction.
A source said Kazakhstan’s oil output fell in early April but remained above its OPEC+ quota.
GreentechLead.com News Desk