US tariffs brake global demand-diepresse.com

The organization of oil-exporting countries (Opec) has reduced the forecasts for growth in global demand for crude oil due to possible negative consequences of aggressive US customs policy for the global economy. For this year and the coming year, the forecast for the growth of global demand is reduced by an average of 100,000 barrels each (159 liters) per day, as can be seen from the monthly report of the oil cartel published on Monday in Vienna.

Accordingly, the Opec experts expect growth of demand by 1.3 million barrels a day for both 2025 and 2026. With the reduced forecast, the expectations of the Opec are still significantly above the estimates of other experts. For example, the US Energy Information Administration (EIA) forecast growth in demand by 900,000 barrels per day in the current year and the US bank Goldman Sachs only growth by 500,000 barrels a day.

OPEC+ width of funding since April

For many experts, the funding states, including Russia, who were merged in the Oilverbund Opec+, had already started gradually expansion of the funding volume in April. The group wants to increase production by an average of 411,000 barrels a day by the end of May. The conveyor countries organized in the Opec+ want to expire a restriction of the funding rate that has been in force since 2023.

Most recently, oil prices have stabilized again after they were under great pressure at the beginning of April because of the aggressive customs policy of the US government. At times, the price of crude oil from the Brent variety from the North Sea had fallen under $ 60 per barrel and thus to the deepest stand in about four years. Finally, Brent oil was traded a little higher at $ 65.58 (57.80 euros).

Also reduced business forecasts for customs conflicts

In the course of the customs conflict, the global economy was affected by increased uncertainty, it said. The Opec analysts therefore expect that the global economy will grow by three percent this year by 3.1 – each forecast slightly weaker than recently. (APA/dpa-AfX)