The Organisation of the Petroleum Exporting Countries (OPEC) has trimmed its 2025 global oil demand growth forecast to 1.3 million barrels per day, down from 1.4 million, citing rising trade tensions sparked by U.S. tariffs.

According to OPEC’s April report, the group also slashed its global economic growth outlook for 2025 to 3.1%, reflecting concerns over disrupted trade and weakened manufacturing.

Brent crude remains volatile, hovering around $66 per barrel.

Meanwhile, OPEC+ output dipped in March, led by Nigeria and Iraq cuts, but Kazakhstan exceeded its quota again.

The alliance plans a 411,000 bpd output hike in May, but warns adjustments may be reversed depending on market trends.