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OPEC predicts that the world economy could do better in the second half of the year

OPEC predicts that the world economy could do better in the second half of the year

OPEC stated that the global economy could perform better than anticipated in the second half despite trade disputes and that refineries would continue to increase their crude intake to meet an uptick in travel during the summer, supporting the demand outlook.

The Organization of Petroleum Exporting Countries (OPEC) released a report every month on Tuesday. After reducing its estimates in April, the organization left their forecasts of global oil demand growth in 2025-2026 unchanged.

In the report, OPEC stated that "India, China and Brazil have outperformed expectations thus far, while United States and Eurozone continue to experience a rebound from last years."

The second half of 2025's economic growth could be better than expected.

OPEC+, a group of 12 OPEC producers plus their allies, including Russia, are pumping more oil to regain the market share they lost after years spent cutting production to support the market.

In June, OPEC+ produced 41.56 millions bpd. This is an increase of 349,000 bpd over May. The increase is slightly lower than the 411,000 Bpd that the group had hoped to achieve by increasing its June quotas. Kirsten Donovan edited this article.

(source: Reuters)