OPEC (Petroleum Exporting Countries) has reduced its expectations for the growth of global oil demand in 2025, under the influence of the first -quarter statements of the year and the US customs duties, and its expectations for the growth of the global economy in the current and next years.
In its monthly report, OPEC expected the global demand for oil 1.3 million barrels per day in 2025, a decrease of 150 thousand barrels per day from last month’s expectations.
In total, the global demand is expected to reach 105.05 million barrels per day in 2025, a decline from 105.20 million barrels expected last month, according to OPEC.
Brent crude barrel rose 1.36% to $ 65.64, in the latest transactions, and the price of a US crude barrel increased 1.40% to $ 62.36 a barrel.
“The global economy expressed stability in its direction towards growth at the beginning of the year, but the recent dynamics related to trade have increased doubts regarding the expectations of global economic growth in the short term.”
OPEC expectations for oil demand at the highest extent of expectations in the sector are still expected, and it is expected that the use of oil will continue for years, unlike the International Energy Agency, which expects the demand to reach a peak in the current decade as the world turns into cleaner fuel types.
The oil rises today come against the background of the exclusion of some products from the American customs duties, and after the data of China’s rising from crude was dramatically revealed last March.
However, the gains limited them to fears of the slowdown in global economic growth and the impact of the demand for fuel due to the trade war between the United States and China.
Vulnerability
Reuters quoted the global director of the UNEX Research Department, Harry Chillinguian, as saying: “Reports of exemptions from customs duties have contributed to improving morale in the markets … but there are still many weaknesses … There are political risks linked to this volatile commercial approach, which affects the markets.”
US President Donald Trump was excluded late on Friday, smartphones, computers and some other electronics, most of which are imported from China, from large customs duties.
This was the latest episode in a series of advertisements for the imposition of customs duties that have been retracted, which sparked a state of fog for investors and companies.
Trump said yesterday, Sunday, that he will announce the percentage of customs duties that he will impose on the semiconductors imported this week.
