OPEC leaves forecasts for global oil demand growth in 2025 and 2026 unchanged ...Middle East

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OPEC leaves forecasts for global oil demand growth in 2025 and 2026 unchanged
Says 90 day US-China trade deal suggests potential for more lasting agreements, likely supporting normalisation of trade flows.Sees oil supply outside OPEC+ rising by 800K BPD this year (previously 900K).Sees 5% cut un E&P investment in non-OPEC+ producers in 2025.Trims forecast for total US oil supply growth in 2025 to 300K BPD (previously 400K).Says OPEC+ crude output averaged 40.92 MBPD in April 2025, down 106K BPD from March.

The de-escalating trade war is certainly a positive development for the crude oil market. We are now consolidating at a key resistance zone, but a breakout and new highs look more likely.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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