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Investing.com -- On Monday, the Organization of the Petroleum Exporting Countries (OPEC) reduced its 2025 global oil demand growth forecast. This revision is attributed to the impact of the first quarter’s data and the trade tariffs announced by the U.S. Alongside this, OPEC also decreased its global economic growth forecasts for the current year and the next.
In its monthly report, OPEC stated that the world’s oil demand is projected to increase by 1.30 million barrels per day (bpd) in 2025. This figure is a decrease of 150,000 bpd from the forecast given the previous month.
Moreover, OPEC has also revised its predictions for world economic growth for this year and the coming one. The organization noted in its report that the global economy had been showing a steady growth trend at the start of the year. However, recent trade-related dynamics have injected a higher level of uncertainty into the short-term global economic growth outlook.
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