OPEC has cut its forecast for global oil demand growth in 2025, now expecting an increase of 1.30m barrels per day, down -150k bpd from last month’s estimate.
In its latest monthly report, the group also lowered its projections for world economic growth for both 2024 and 2025, citing mounting uncertainties surrounding international trade policy and rising tariff tensions.
“The global economy showed a steady growth trend at the beginning of the year, however, recent trade-related dynamics have introduced higher uncertainty to the short-term global economic growth outlook,” OPEC noted.
WTI crude oil recovers mildly today. But overall development suggests that it’s still in consolidations above last week’s low at 55.20. Outlook will stay bearish as long as 65.24 cluster resistance holds (38.2% retracement of 81.01 to 55.20 at 65.05 holds. Larger down trend is still in favor to resume through 55.20 at a later stage.
