The Organization of the Petroleum Exporting Countries (OPEC) released its April crude oil market report on the 14th (local time), projecting that the global demand for crude oil this year could reach 100.505 million BARRELS per day.
This figure is a decrease of 150,000 BARRELS compared to last month’s report estimate of 100.520 million BARRELS per day. However, it reflects an increase of 1.3 million BARRELS compared to last year’s global demand of 100.375 million BARRELS per day.
OPEC expects that quarterly demand will gradually increase. The forecast is for daily demand to rise from 100.416 million BARRELS in the first quarter to 100.641 million BARRELS in the fourth quarter. OPEC also predicted that next year’s global oil demand would be 100.633 million BARRELS per day, which is 300,000 BARRELS lower than last month’s report.
OPEC noted that it slightly lowered its forecasts in reflection of the impact of the United States’ tariff policies.