OPEC lowered on Monday the forecast of demand for demand on oil for 2025 and 2026, because – as he assesses – the duties of the president Donald Trump They will negatively affect global economic growth.
As CNBC describes, the organization currently provides for an increase in demand for oil by 1.3 million barrels a day this and next year, which is a decrease of about 150,000. Baryłek a day compared to previous estimates. OPEC also reduced its global economic growth forecast to 3 percent. and 3.1 percent According to 2025 and 2026, respectively, reducing both estimates by 0.1 percentage points compared to previous forecasts.
Donald Trump imposed duties in the amount of 145 percent. on China, the second largest economy of the world and the largest oil importer. In most other countries, duties imported to the US were suspended for 90 days and at that time they are to “only” 10 percent.
See also: The trade war is gaining momentum. Chinese export fired
Oil prices. OPEC will increase production despite less demand
Key members of the wider OPEC+ group agreed to accelerate oil production from May, even with lower demand for raw material and weaker economic growth.
Trump's trade war and OPEC+ decision to accelerate production strongly weighted on prices this month. Termpertex contracts for crude oil fell by about 13 percent. Since Trump's announcement of his radical tariff plan on April 2.
“Drill, Baby, Drill”. Trump's plan threatened?
Oil prices have reached a level at which US producers can reduce mining, thus undermining Trump's program “Drill, Baby, Drill” – notes CNBC.
The rest of the article under video material:
Thanks to the companies that extracted slate oil, USA has become the largest producer of raw material in the world. According to directors of 81 companies covered by the study conducted by the Federal Reserve Bank of Dallas, these companies currently need that the average oil prices in the USA are at least $ 65. For a barrel to be able to “drill with profit”.
Crude oil prices in the USA around $ 60 or slightly above is the level at which companies can reduce mining over the next six months, said CNBC Jim Burkhard, head of the oil market research at S&P Global Commodity Insights.
A rapid decline in oil prices
For now, Donald Trump has suspended higher duties on most countries, which temporarily raised prices. However, uncertainty still hangs over the market. On Tuesday, the WTI barrel costs $ 61, while at the beginning of April it cost over $ 70.
Goldman Sachs reduced the forecast of WTI oil prices to $ 58. until December 2025 and $ 51 by the end of next year.
Source: CNBC
