OPEC’s latest monthly report, released on Tuesday, offers an optimistic outlook for the global economy in the latter half of 2025, despite ongoing trade disputes. The organization believes stronger-than-anticipated economic performance, particularly in India, China, and Brazil, coupled with a rebound in the US and Eurozone, will help maintain robust global oil demand.
This positive economic sentiment, along with increased crude intake by refineries to meet the summer travel surge, led OPEC to maintain its oil demand growth forecasts for 2025 and 2026, after having lowered them in April.
The report also highlighted that the OPEC+ producer group (which includes OPEC members and allies like Russia) increased its oil production in June. The group collectively pumped 41.56 million barrels per day (bpd), an increase of 349,000 bpd from May, as they aim to regain market share after previous production cuts.
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