"OPEC" report expects a slowdown in global economic growth and a decrease in oil demand.
The Organization of the Petroleum Exporting Countries "OPEC" revealed in its monthly report issued today, Monday, 14th of April, a reduction in its expectations for global economic growth, estimating growth to reach 3% in 2025 and 3.1% in 2026, amid warnings of continued global economic challenges.
The report pointed to an expected decrease in global demand for oil, anticipating consumption growth to reach 1.3 million barrels per day in 2025 and 2026, reflecting a potential slowdown in demand.
Furthermore, OPEC anticipated limited growth in oil supplies from non-"Declaration of Cooperation" countries, lowering its estimates to 0.9 million barrels per day in 2025, while keeping the same estimate for 2026.
Regarding the demand for oil from "Declaration of Cooperation" countries, the organization maintained its expectations at 42.6 million barrels per day for 2025, while reducing the estimate for 2026 to 42.8 million barrels per day.
The report also revealed a decrease in OPEC's oil production in March by 78 thousand barrels per day, reaching 26.7 million barrels per day. Conversely, non-OPEC countries participating in the "Declaration of Cooperation" increased their production by 41 thousand barrels per day, reaching 14.244 million barrels per day.
