OPEC Maintains Oil Demand Growth Forecast at 1.3 Million Barrels Per Day
The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth for both the current and upcoming year at 1.3 million barrels per day, unchanged from the previous estimate following last month’s downward revision. The decision reflects the impact of first-quarter demand data and the effects of tariffs.
In its monthly report released Wednesday, OPEC stated that the production of the OPEC+ alliance declined by 106,000 barrels per day in April to reach 40.92 million barrels per day.
It also forecast that oil supply outside the OPEC+ alliance will drop to 0.8 million barrels per day in 2025, down from the previous forecast of 0.9 million barrels per day.
The organization revised downward its expectations for oil supply growth from the United States and other non-OPEC+ producers for this year, citing a projected decline in capital spending following the drop in oil prices.
OPEC noted that supply from countries not participating in the Declaration of Cooperation — the official name of the OPEC+ group — will increase by about 800,000 barrels per day in 2025, down from the previous month’s forecast of 900,000 barrels.
As for global refining capacity, OPEC reported that it declined by 1.2 million barrels per day in April compared to March.
