OPEC Revises Downward Global Oil Demand Growth Projections Amid Geopolitical Tensions

The Organization of the Petroleum Exporting Countries (OPEC) has revised downward its projections for global oil demand growth in its latest monthly report, citing persistent geopolitical tensions and their impact on global supply chains. The organization adjusted its demand growth expectations following successive downward revisions, noting that while the global economy showed resilience, energy market stability remains crucial for sustained performance. The report indicated that recent disruptions in vital maritime shipping corridors led to temporary production declines in parts of the Middle East before recovering, while noting a recent increase in OPEC+ alliance output as production activities resumed in several member states.