The OPEC+ cartel is maintaining its forecast for global oil demand this year and next, saying air
and road travel will continue to support consumption and that trade tariffs are unlikely to impact
economic growth.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) reiterated that
world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and 1.43 million bpd in
2026.
OPEC’s view on oil demand is at the higher end of industry forecasts and it expects oil use to
keep rising in coming years.
The cartel’s outlook is at odds with the International Energy Agency (IEA), which sees demand
peaking this decade as the world transitions to cleaner fuel sources.
The IEA sees 2025 demand growth at 1.05 million bpd, lower than OPEC+.
In its latest forecast, OPEC+ said the trade policies of U.S. President Donald Trump have added
some uncertainty to global financial markets, potentially creating supply-demand imbalances.
However, the cartel does not think the threat of trade tariffs is enough to slow economic growth
around the world and impact oil demand.
“It remains to be seen how and to what extent potential tariffs and other policy measures will
play out,” OPEC+ said in its report. “So far, they are not anticipated to materially impact the
current underlying growth assumptions.”
OPEC+ has undertaken a series of output cuts since late 2022 to support the price of crude oil.
Its current plan calls for oil output to be gradually increased staring in April of this year.
Brent crude oil, the international standard, is currently trading at $74.34 U.S. per barrel, having
fallen 1.10% in the last 24 hours.
West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is trading at $70.56 U.S. a barrel,
down 1.13% in the past 24 hours.
