OPEC expects to slow down the growth of oil supplies from its competitors in 2025 after the low prices

The Organization of Petroleum Exporting Countries (OPEC) today reduced its expectations for the growth of oil supplies from the United States and other producers outside the OPEC+ this year, and said it expects to decrease capital spending after the drop in oil prices.

In its monthly report, OPEC stated that the supplies of non -member states in declaring cooperation – the official name of the “OPEC+” group will rise by about 800 thousand barrels per day in 2025, a decrease from last month’s expectations of 900 thousand.

In the report, OPEC kept its expectations for the growth of global oil demand without change in 2025 and 2026, after its reduction last month, noting the impact of demand data in the first quarter and the impact of customs duties.