London (Reuters) – The organization of oil exporting countries (OPEC) reduced its forecast for global demand for global demand on Monday for 2025, citing the impact of data received for the first quarter as well as customs duties announced by the United States.

OPEC has also revised down its forecasts for global economic growth for 2024 and 2025.

According to a monthly report published Monday by OPEC, global oil demand is expected to increase by 1.30 million barrels per day (BPJ) in 2025, a drop of 150,000 BPJ compared to the forecast of the previous month. In 2026, the OPEC anticipated an increase in demand of 1.28 million BPJ.

The customs duties imposed by US President Donald Trump as well as OPEC+ plans with a view to increasing production weighed on oil prices this month and caused fears about economic growth.

OPEC also lowered its global economic growth forecasts for this year to 3% against 3.1% previously, and for 2026 to 3.1% after targeting 3.2%.

“The global economy has shown a tendency to regular growth at the start of the year, however, the recent dynamics linked to trade has introduced greater uncertainty from the outlook for global economic growth,” OPEC said in its report.

Oil prices supported their earnings after the report, Brent being up 0.56% to 65.12 Dollars per barrel. This month, they nevertheless accused a decline of more than 10%.

OPEC’s point of view on petroleum demand is always at the top of the range of industry forecasts and the organization expects consumption to increase for years.

Conversely, the International Energy Agency provides that demand will reach its maximum during this decade with the energy transition.

(Written by Alex Lawler, Olesya Astakhova and Vladimir Soldatkin, Noémie Naudin and Pauline Foret, edited by Augustin Turpin and Kate Entringer)

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