OPEC REDUCES GLOBAL OIL DEMAND GROWTH ESTIMATES FOR 2025 AND 2026

The Organization of the Petroleum Exporting Countries (OPEC) announced in its monthly report for April, released a short while ago on Monday, that it has reduced its forecast for global oil demand growth for this year and next by approximately 100,000 barrels per day, bringing the expected growth to 1.3 million barrels per day.

The organization explained that its decision to revise its forecasts, which comes three months after it had maintained its forecast, is due to the negative repercussions of the tariffs announced by former US President Donald Trump, which caused increased economic uncertainty that impacted global trade activity.