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Oil costs sank to a four-year low final week, dipping underneath $60 per barrel over considerations concerning the influence of President Donald Trump’s tariffs.
April 14, 2025
PARIS, France (AFP) — OPEC barely lowered its forecast for oil demand progress on Monday, citing the influence of US tariffs on the world economic system.
The Saudi-led oil cartel mentioned in a month-to-month report that it now expects demand to develop by 1.3 million barrels per day (bpd) in 2025, down from a earlier forecast of 1.4 million bpd.
The “minor adjustment” was primarily on account of first-quarter knowledge and “the anticipated influence on oil demand given not too long ago introduced US tariffs”.
The Group of the Petroleum Exporting International locations now sees world demand reaching at whole 105.05 million bpd this 12 months.
It additionally barely lowered its world financial progress forecast to 3 per cent.
“The worldwide economic system confirmed a gentle progress development at first of the 12 months, nonetheless, the near-term trajectory is now topic to greater uncertainty given the latest tariff-related dynamics,” OPEC mentioned within the report.
Oil costs sank to a four-year low final week, dipping underneath $60 per barrel over considerations concerning the influence of President Donald Trump’s tariffs.
Costs had been up on Monday, with the worldwide benchmark futures contract, Brent North Sea crude, rising 1.3 per cent to $65.62 per barrel.
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