The Organisation of Petroleum Exporting Countries (Opec) has slashed its oil demand forecast for 2025, amid the market uncertainty stemming from the sweeping tariffs announced by the administration of US President Donald Trump and contradicting the rosier picture painted by his Energy Secretary.
Oil demand growth was revised down to 1.3 million barrels per day, with the growth a "minor adjustment" that is mainly based on the expected impact of tariffs on the market, the Vienna-based body said in its report on Monday. Demand is expected to grow by 40,000 barrels per day, it said.
Demand in countries outside the Organisation for Economic Co-operation and Development (OECD) is projected to increase by nearly 1.25 million barrels per day, mainly to be supported by demand from China, the world's second-largest economy and largest consumer of energy, it said.
For 2026, Opec slightly revised its global demand growth forecast to about 1.3 million bpd. Demand in the OECD is expected to grow by about 100,000 bpd, while non-OECD countries will log an increase of 1.2 million bpd.
"In the OECD, oil demand is expected to be pressured by the likely impact of the new US tariffs on imports," Opec said. "In the non-OECD, despite having been burdened with considerable tariffs by the US, China is expected to drive oil demand, supported by strong mobility and industrial activity."
Opec's projections run counter to the US's view on the market: the world's largest economy and second-largest consumer of energy foresees "very strong" long-term growth in oil and gas demand, US Energy Secretary Chris Wright said in Abu Dhabi last week, without specifying a time period for the forecast.
Opec also downgraded its projections for global economic growth, forecasting a 3 per cent expansion this year and 3.1 per cent in 2026.
Oil, much like the stock markets, bore the brunt of Mr Trump's tariffs in their immediate aftermath of their announcement. Prices had plunged to their lowest levels in more than three years on April 4, as China hit back against the US tariffs with its own additional levies on American goods.
They plunged further on Wednesday after Mr Trump increased tariffs on China, nearing levels seen during the tail-end of the worst of the Covid pandemic four years ago, intensifying the market mayhem.
Prices have since rebounded. Brent, the benchmark for two-thirds of the world's oil, was up 1.22 per cent at $65.55 a barrel as of 4.20pm UAE time on Monday. West Texas Intermediate, the gauge that tracks US crude, added 1.32 per cent to $62.31. However, analysts have downgraded their projections for oil in 2025, citing vital factors such as soft demand, uncertainty from Opec supply and a decline in US shale stash.
The Swiss lender UBS reduced its Brent price forecasts by $12 a barrel to $68, while WTI has been lowered to $64 per barrel. Goldman Sachs, the fifth-largest US bank by assets, expects Brent and WTI to edge down and average $63 and $59 a barrel, respectively, for the remainder of 2025, then fall further to $58 and $55 in 2026.
"US tariffs and the trade war between the US and China will likely weigh on economic growth this year and are likely to result in oil demand growing at a slower speed this year," Giovanni Staunovo, a strategist at UBS, wrote in a note on Monday.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Killing of Qassem Suleimani
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
More on animal trafficking
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE%20SPECS
%3Cp%3EBattery%3A%2060kW%20lithium-ion%20phosphate%3Cbr%3EPower%3A%20Up%20to%20201bhp%3Cbr%3E0%20to%20100kph%3A%207.3%20seconds%3Cbr%3ERange%3A%20418km%3Cbr%3EPrice%3A%20From%20Dh149%2C900%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Killing of Qassem Suleimani
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
How Beautiful this world is!
Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
Tom Fletcher on 'soft power'
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
