Oil prices are expected to face further pain in the coming months as crude oil demand falls. However, there is room to profit from the decline as OPEC+ and US shale producers are forced to cut their oil production as prices fall.
However, pressure on oil prices could ease in the second half of the year as OPEC and non-OPEC+ countries are forced to curb production and rebalance the market.
“After our economists lowered their forecast for global GDP growth for 2025 to around 2%, we have revised down our global oil demand growth forecast by 0.2 million barrels per day to 0.7 million barrels per day,” the experts said.
