The Organization of the Petroleum Exporting Countries on Monday slightly cut its forecast for oil demand growth, citing the impact of U.S tariffs on the world Economy.
In its Monthly Oil Market Report for April, the Secretariat now sees demand grow by 1.3 million barrels per day in 2025, down from a previous forecast of 1.4 million bpd.
According to OPEC Secretariat calculations, the price of OPEC’s basket of twelve crudes fell to $66,25 a barrel on Monday, compared with $70,85 the previous Friday.
The development comes after the eight OPEC countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on April 3, 2025 to review global market conditions and outlook.
