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.

The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.

The International Energy Agency (IEA) projects global oil demand growth to slow from 990,000 barrels per day ((bpd)) in the first quarter of 2025 to 650,000 bpd for the remainder of the year, as economic headwinds and record EV sales curb use.