Latest news with #oil demand
Zawya
4 days ago
- Business
- Zawya
OPEC says world economy may do better in second half of year
OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected." The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas. ( Editing by Kirsten Donovan)
Reuters
4 days ago
- Business
- Reuters
OPEC says world economy may do better in second half of year
LONDON, July 15 (Reuters) - OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected." The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas.
Arab News
4 days ago
- Business
- Arab News
OPEC says world economy may do better in second half of year
LONDON: OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, OPEC left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. 'India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year,' OPEC said in the report. 'With this, the second-half 2025 economic growth may turn out better than currently expected.' The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas.
Yahoo
4 days ago
- Business
- Yahoo
OPEC says world economy may do better in second half of year
LONDON (Reuters) -OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected." The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas.
France 24
11-07-2025
- Business
- France 24
IEA sees anaemic global oil demand growth amid tariff turmoil
Annual growth in oil demand fell from 1.1 million barrels per day (mbd) in the first quarter of the year to just 0.5 mbd in the second, the International Energy Agency said in its monthly oil market review. Consumption in emerging markets was "particularly lacklustre", it added. It lowered its forecast for oil-demand growth for 2025 as a whole to 0.7 mbd, "its lowest rate since 2009" apart from when the Covid pandemic shut large swathes of the global economy in 2020. "Although it may be premature to attribute this slower growth to the detrimental impact of tariffs manifesting themselves in the real economy, the largest quarterly contractions occurred in countries that found themselves in the crosshairs of the tariff turmoil," the IEA said. The drops were particularly sharp in China, Japan, South Korea and Mexico, all targeted by Trump with stiff tariffs. Oil demand in Europe and other Asian emerging economies, also targeted by Trump, proved more resilient. The IEA sees the oil production exceeding demand in 2025, with output rising by 2.1 mbd to 105.1 mbd on average, while demand averages 103.7 mbd. In 2026, it sees demand rising by a tepid 0.72 mbd to 104.4 mbd. Meanwhile supply is expected to rise by 1.3 mbd to 106.4 mbd.
