The OPEC slightly reviewed its world demand forecast of oil in its monthly report published yesterday due to the expected impact of US tariffs now expects an increase of 1.3 million barrels per day for both this year and for the next. Thus, the OPEC remains more optimistic than most market observers, says FX analyst from Commerzbank, Michael Pfister.
The expected oil demand from Opec+ remains practically unchanged
“Since the provision of increased offer outside OPEC+ was reduced in an amount similar to the same time, the expected demand for oil+ oil remains practically unchanged. It is expected that it will be maintained at 42.6 million barrels per day for the current year. Compared to the production of oil from Opec+ oil of around 41 million barrels per day in March, the resultant supply deficit remains large of production planned by Opec+. “
“The OPEC forecast is, therefore, disagree with the US Energy Information Administration (EIA), which awaits a significant excess of supply in the oil market this year due to the weakest demand and the increase in the production of Opec+. mainly because Kazakhstan produced significantly above the goal. “
“Kazakhstan reduced its oil production in the first 13 days of April at 3% compared to the March average of 1.82 million barrels per day, the Ministry of Energy announced yesterday, without naming a specific amount. However, this would still leave the production well above the agreed level of 1.47 million barrels per day. This does not include the cuts to compensate for the overproduction prior to which Kazakh had compromised.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
