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IEA predicts slower oil demand growth for the rest of 2025, met with jump in supply

  • OPEC revised down its forecast on May 14, 2025, predicting non-OPEC+ oil supply growth will slow to 800,000 barrels per day this year.
  • This revision follows a projected 5% drop in upstream investment, caused by falling oil prices and tariff-related trade uncertainties.
  • Despite slower supply growth, OPEC maintained its global oil demand growth forecast at 1.3 million barrels per day in 2025 and 2026.
  • OPEC highlighted that reduced spending on exploration and production activities in 2025 and 2026 will pose difficulties for maintaining output, even with ongoing improvements in operational efficiency and productivity.
  • OPEC suggested the slower non-OPEC+ supply growth will help the OPEC+ alliance balance the global oil market amid ongoing output adjustments and trade risks.
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larepublica.co broke the news in Bogotá, Colombia on Wednesday, May 14, 2025.
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