OPEC lowers its forecast for global economic growth this year to 2.9%

The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global economic growth this year to 2.9%, while maintaining its forecast for global economic growth in 2026 at 3.1%. Regarding the Chinese economy, the organization maintained its GDP growth forecast at 4.6% for 2025 and 4.5% for the following year, according to CNBC.

OPEC raised its forecast for US economic growth to 1.7% in 2025 and 2.1% in 2026, indicating a relative improvement in the performance of the world’s largest economy.

Regarding the oil market, the organization maintained its forecast for global oil demand growth in 2025 at 1.3 million barrels per day. It indicated that demand from OECD countries will witness limited growth of about 100,000 barrels per day, while demand from non-OECD countries is expected to grow by 1.2 million barrels per day.

OPEC also maintained its forecast for oil demand from the Declaration of Cooperation countries at 42.6 million barrels per day in 2025, while raising the forecast for 2026 to 42.9 million barrels per day, reflecting continued reliance on these countries’ production to meet demand. Increasing demand.