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Commodity News Details
Market Speak: OPEC cuts non-OPEC+ supply forecast, flags 5% drop in 2025 investments
15-May-2025 11:19
OPEC trimmed its 2025 oil supply growth forecast from non-OPEC+ countries to 800,000 bpd, down from 900,000 bpd, citing falling oil prices and weaker investment. It now expects a 5 percent drop in upstream spending outside the bloc next year, after a $3 billion rise to $299 billion in 2024. U.S. supply remains the main driver, but OPEC sees only a 300,000 bpd increase this year, down from 400,000 bpd forecast earlier. Brent crude remained under pressure, trading just below $66. Global demand forecasts were left unchanged. OPEC noted a recent U.S.-China trade deal could stabilize flows, though tariffs remain high.

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