OPEC cuts global oil demand growth forecast for 2025, 2026

Logo of OPEC

OPEC cut its global oil demand growth forecast for the current and next years, citing the impact of data received for the first quarter and trade tariffs announced by the US.

In its monthly report published on Monday, the organization expected the world oil demand to rise by 1.30 million barrels per day (bpd) in 2025, and 1.28 million bpd in 2026, compared to its previous forecasts of 1.45 million and 1.43 million bpd, respectively.

It also expected that air travel and heavy traffic on the roads will support oil demand; however, this prediction is vulnerable to changes in the global economy due to impending US tariffs.

Meanwhile, OPEC reduced its prediction for global economic growth to 3% in 2025 and 3.1% in 2026, citing that recent trade-related dynamics have cast a shadow of uncertainty to the short-term global economic growth outlook.