LOWER SUPPLY AND ECONOMIC GROWTH FORECASTS

OPEC also lowered its forecast for oil supply growth outside the OPEC+ alliance to 900,000 barrels per day, down from its previous forecast of 1 million barrels per day for both this year and next.

In the same context, the organization also lowered its forecast for global economic growth and major economies, noting that uncertainty stemming from global trade tensions has cast a shadow over growth prospects.

Global economic growth forecasts were lowered to 3% in 2025 and 3.1% in 2026. OPEC expects the US economy to grow by 2.1% in 2025, a 0.3 percentage point decrease from its previous forecast, and by 2.2% in 2026, a 0.1 percentage point decrease.

As for the Chinese economy, OPEC lowered its forecasts to 4.6% in 2025 and 4.5% in 2026, reflecting concerns about slowing growth in the world's second-largest economy.