Tariffs Could Reduce Global Oil Demand, OPEC Says

Tariffs could play a major role in global energy markets over the coming year.

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen at the headquarters building in Vienna. Alexander Klein/AFP via Getty Images

Crude oil prices tumbled after the Organization of the Petroleum Exporting Countries (OPEC) reduced its global oil demand forecasts for 2025 and 2026, citing the effects of U.S. tariffs.

According to OPEC’s latest Monthly Oil Market Report, released on April 14, international consumption will increase by 1.3 million barrels per day (bpd) this year, down from last month’s estimate of 1.45 million bpd. Next year, OPEC expects demand to be 1.28 million bpd, down from the March projection of 1.43 million bpd.