The Organization of the Petroleum Exporting Counties (OPEC) announced  that it revised down the oil demand growth expectations for 2025 to 1.3 million barrels per day (mmbbl/d) compared to last year.

It attributed this adjustment to the impact of the recently announced US tariffs.

The organization explained that the oil demand in the Organization of Economic Cooperation and Development (OECD) is projected to increase by 0.04 mmbbl/d, while non-OECD demand is forecast to expand by almost 1.25 mmbbl/d in 2025.

OPEC added that the oil demand growth forecast for 2026 also declined to about 1.3 mmbbl/d. It noted that OECD is expected to grow by around 0.1 mmbbl/d, year on year (YoY), in 2026, while demand in the non-OECD is forecast to increase by 1.2 mmbbl/d, YoY, in 2026.