Opec Cuts 2025 Oil Demand Growth Due to US Tariffs

The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y, according to the Opec Monthly Oil Market Report (MOMR) – April 2025, reported WAM.

This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs, the report noted.

In the OECD, oil demand is expected to grow by 0.04 mb/d, while non-OECD demand is forecast to expand by almost 1.25 mb/d in 2025.

The forecast for global oil demand growth in 2026 is revised down slightly to about 1.3 mb/d. The OECD is expected to grow by around 0.1 mb/d, y-o-y, in 2026, while demand in the non-OECD is forecast to increase by 1.2 mb/d, y-o-y, in 2026.

‘’The global economy showed a steady growth trend at the beginning of the year, however, the near-term trajectory is now subject to higher uncertainty given the recent tariff-related dynamics. Consequently, the global economic growth forecasts are revised down slightly to 3.0% for 2025, and to 3.1% for 2026,'' Opec said.