Vienna: The Organisation of the Petroleum Exporting Countries (OPEC) has revised its forecast for oil supply growth from the United States and other non-OPEC+ producers in 2025, highlighting reduced capital expenditure due to the recent decline in oil prices.
According to Bahrain News Agency, OPEC’s monthly report indicates that supply from countries outside the Declaration of Cooperation, the formal name for the OPEC+ alliance, will rise by around 800,000 barrels per day in 2025. This is a reduction from the previous forecast of 900,000 barrels per day announced last month.
OPEC has kept its projections for global oil demand growth in 2025 and 2026 steady, following a downward revision the previous month. The report points to first quarter demand data and the influence of tariffs as significant factors affecting demand forecasts.