From Yahoo Finance: 2025-04-14 08:05:00

OPEC cuts 2025 global oil demand growth forecast for the first time since December, citing impact of data for first quarter and U.S. trade tariffs. World oil demand to rise by 1.30 million bpd in 2025 and by 1.28 million bpd in 2026, down 150,000 bpd from last month.

Trade tariffs and higher output by OPEC+ push oil prices lower, raising concern about economic growth. OPEC lowers world economic growth forecast to 3.0% for this year and 3.1% for next year. Global economy facing uncertainty due to recent trade-related dynamics, according to OPEC report.

Oil prices maintain gain near $66 a barrel after OPEC report release, dropping over 10% this month. OPEC expects oil demand to rise for years, in contrast to IEA’s forecast of demand peaking this decade with switch to cleaner fuels. IEA to update oil demand forecasts on Tuesday.

OPEC+ production fell by 37,000 bpd in March to 41.02 million bpd, with Nigeria and Iraq reducing output. Kazakhstan exceeds OPEC+ output target, increasing production by 37,000 bpd in March to 1.852 million bpd. Energy ministry says Kazakhstan will fulfil commitments and compensate for overproduction in April.

Read more: OPEC cuts global oil demand growth forecasts, citing US tariffs