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US: OPEC lowers 2025 oil demand outlook

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The Organization of the Petroleum Exporting Countries (OPEC) on Monday revised down its forecast for global oil demand growth in 2025 to 1.3 million barrels per day (bpd), citing the expected impact of recently announced U.S. tariffs. The adjustment, compared with the previous forecast of 1.45 million bpd, was outlined in OPEC's monthly oil market report. The organization also lowered its outlook for 2026, again attributing the adjustment to the projected impact of new U.S. tariffs. It now expects demand to rise by 1.28 million bpd in 2026, against the previous projection of 1.43 million bpd. OPEC highlighted that the near-term trajectory of the global economy now faces greater uncertainty due to these tariff-related developments. As a result, the Vienna-based organization trimmed its global economic growth forecasts to 3 percent for 2025 and 3.1 percent for 2026. Projections for the U.S. economic growth were also reduced, to 2.1 percent for 2025 and 2.2 percent for 2026. As for the eurozone, which continues to experience sluggish growth, the report slightly lowered its 2025 growth forecast. However, it noted that fiscal and monetary stimulus measures may help offset the negative effects of the tariffs. Regarding China, the report acknowledged that the country could be more significantly impacted by trade disputes. Nevertheless, it said the Chinese economy has tools to mitigate the effects, such as domestic stimulus measures and further diversification of its export markets. SHOTLIST: FILE: Vienna, Austria - Date Unknown 1. Various of exterior of headquarters of Organization of Petroleum Exporting Countries (OPEC), traffic, pedestrians; FILE: Saudi Arabia - Exact Location and Date Unknown 2. Various of workers at oil refinery; FILE: Kurdistan Region, Iraq - July 2016 3. Various of oil refinery; FILE: Bab Oilfield, UAE - 2023 4. Various of oil field facilities, pipelines, fire; FILE: Kuwait - Aug 7, 2017 5. Various of oil drilling rig; FILE: Russia - Date Unknown 6. Various of rigs in operation; 7. Various of oil tanks; FILE: Virginia, USA - May 19, 2022 8. Various of vehicles at gas station; FILE: Palo Alto, California, USA - March 9, 2022 9. Driver refueling car; FILE: New York City, USA - Oct 2024 10. Various of port scene, Statue of Liberty; FILE: Los Angeles, USA - Date unknown 11. Various of port; 12. Containers at port. [Restrictions: No access Chinese mainland]

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