Investing.com -- The Organization of the Petroleum Exporting Countries (OPEC) maintained its oil-demand forecast unchanged as it continues to increase production, expressing optimism that global trade tensions will ease in the coming weeks.
The Vienna-based cartel stated in its monthly report that economic growth in the second half of the year might exceed expectations, citing strong economic fundamentals and optimism about potential U.S. trade agreements with most partners.
"Expectations remain that a basic framework of bilateral arrangements will be reached over the coming month, potentially delaying the implementation of reciprocal tariffs and allowing further negotiations to finalize comprehensive deals," OPEC said.
Oil prices have been under pressure due to concerns that President Trump’s new tariffs, scheduled to take effect August 1, could increase inflation and slow economic growth, negatively affecting oil demand.
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