OPEC Cuts Oil Demand Outlook Amid U.S. Tariff Hit Despite Surprise Output Hike
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OPEC has reduced its global oil demand growth outlook for both this year and next, citing potential economic impacts from U.S. tariffs. The organization now expects demand to increase by 1.3 million barrels per day this year and 1.28 million barrels per day next year, down from previous projections of 1.45 and 1.43 million barrels, respectively.
April 14, 2025 | 12:30 pm
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NEGATIVE IMPACT
OPEC's reduced demand outlook might negatively impact Brent oil prices and consequently the performance of the United States Brent Oil Fund.
The reduced demand forecast suggests potential downward pressure on Brent oil prices, which directly impacts the BNO ETF's value. Lower expected demand could lead to price softening.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80