OPEC Lowers Oil Demand Forecast Amid Tariff Impact

OPEC has revised its global oil demand growth forecasts for 2025 and 2026 downward, citing the impact of U.S. tariffs, which have introduced uncertainty into the global economic outlook. OPEC expects oil demand to rise by 1.3 million barrels per day, though this is a reduction from previous estimates, while the U.S. Energy Information Administration (EIA) has also reduced its forecasts for Brent oil prices in the same period. Meanwhile, Nigeria's crude oil production has declined, averaging 1.40 million barrels per day in March, down from 1.465 mbpd in February, amid global price uncertainties exacerbated by trade tensions between the U.S. and China. Goldman Sachs predicts further declines in oil prices due to increasing recession risks, and changes in U.S. tariff policy continue to affect commodity prices, causing significant fluctuations. Despite the downgrades, OPEC's forecasts remain comparatively optimistic, as it anticipates continued growth in oil use, unlike the International Energy Agency's predictions of peaking demand this decade.