“OPEC” maintains the expectations for the growth of global demand for oil during the current and next years

OPEC has kept the expectation of global oil demand growth during the current and next two years at 1.3 million barrels per day, in its report for the month of May, unchanged from the April forecast that the organization reduced as a result of US customs duties.

OPEC has reduced the expectations of oil supply growth from outside the OPEC+ to 0.8 million barrels per day during the next two years, to be less than 100 thousand barrels per day than last month estimates, indicating that most of the growth will come under the leadership of the United States and Latin America.

According to the report, the organization reduced the expectations of the growth of the global economy during the current year to 2.9%compared to previous estimates of 3%, due to Trump’s customs duties, but it kept the expectations next year at 3.1%, noting that the economy is still steadily growing despite recent definitions.

The expectations of the growth of the American economy also reduced by about 0.4 percentage points to 1.7% during 2025, after the recorded contraction in the first quarter, and expected a growth of 2.1% next year, a decrease of 0.1 percentage points from its previous expectations.

While the organization keeps its expectations for the growth of China’s economy at 4.6% in 2025 and 4.5% next year without change.

According to the report, OPEC secondary sources show a decrease in the production of OPEC+ countries by about 106 thousand barrels per day during April to reach 40.916 million barrels per day, as most of the decline came from the decrease in the production of OPEC countries last month by about 62 thousand barrels per day to 26.71 million barrels per day, and most of the decline came from Iran and Nigeria.

While Saudi Arabia “OPEC” reached the rise of its production by 48 thousand barrels per day on a monthly basis during April to exceed 9 million barrels per day.