London: OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices.
Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about 800,000 barrels per day in 2025, OPEC said in a monthly report, down from last month’s forecast of 900,000 bpd.
Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for OPEC+ to balance the market. Rapid growth from U.S. shale and from other countries has weighed on prices in recent years.
OPEC in the report left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions last month, citing the impact of first-quarter demand data plus the impact of trade tariffs.
