OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries’ crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook.

In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust.

“India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year,” OPEC said in the report.

“With this, the second-half 2025 economic growth may turn out better than currently expected.”

The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market.

The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group’s increase in its June quotas.

(Editing by Kirsten Donovan)