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OPEC has revised its 2025 global oil demand growth forecast down by 150,000 barrels per day to 1.3 million bpd, citing US tariffs and trade uncertainties. The group also lowered its projections for non-OPEC+ liquids production and global economic growth for 2025 and 2026. Despite these adjustments, OPEC maintains a long-term optimistic outlook for oil demand, expecting total demand of 105.05 million bpd in 2025 and 106.33 million bpd in 2026.
The UAE has signed its 27th Comprehensive Economic Partnership Agreement (CEPA) with the Republic of the Congo, advancing its strategy to lower trade barriers and enhance economic diversification. With eight agreements in force and 14 pending ratification, the UAE aims to boost non-oil foreign trade to Dhs4tn by 2031, while also engaging in talks with the EU for a potential agreement. The CEPA program, launched in September 2021, is pivotal for strengthening the UAE's global trade position and attracting foreign investment.
Goldman Sachs has reduced its crude oil price forecasts, cutting Brent to $69 a barrel and WTI to $66, citing increased OPEC+ supply and trade war risks. Oil prices fell sharply, with Brent down 10.9% for the week, as tariffs imposed by the U.S. and China escalate economic concerns. The bank warns of further downward risks, particularly for 2026, amid a potential global recession.
OPEC+ unexpectedly announced a significant increase in oil production by 411,000 barrels per day for May, tripling previous plans. This decision, influenced by healthy market fundamentals, comes despite a recent drop in oil prices and leads to Kazakhstan being required to reduce its output amid growing oversupply concerns.
Kazakhstan's oil production reached a record 1.88 million barrels per day in March, exceeding agreed production limits. However, exports may decline significantly due to the suspension of two berths at a Black Sea terminal, following damage from a Ukrainian drone attack, potentially halving oil shipments.
Kazakhstan's Kaspi.kz has agreed to acquire the Turkish operations of Rabobank, a Netherlands-based agricultural bank, pending regulatory approval. Rabobank A.Ş., established in 2013, is a small player in Turkey's banking sector with total assets of 1.9 billion Turkish Liras and operates a single branch with 27 employees. This acquisition follows Kaspi's previous purchase of a controlling stake in Turkish e-commerce firm Hepsiburada.
Kaspi.kz has signed a share purchase agreement to acquire Rabobank A.Ş., its Turkish subsidiary, aiming to enhance its mobile services through its Super App model. The transaction, deemed non-material, awaits regulatory approvals and marks Kaspi.kz's second acquisition in Turkey in 2025.In a separate development, Kaspi.kz partnered with Alipay+ in May 2024, enabling customers to make cashless payments in China using QR codes via the Super App, facilitating transactions for Kazakhstanis traveling in the country.
Japan's GDP per capita is projected to plummet from 29th to 45th globally by 2075, with real GDP expected to grow to $4.4 trillion but drop its global ranking from fourth to 11th. Contributing factors include a declining population, low fertility rates, and limited benefits from AI advancements, necessitating urgent labor reforms to boost productivity. Meanwhile, emerging markets like India are set to rise significantly, with BRICS nations projected to surpass the US in total GDP by 2075.
Kazakhstan's largest e-commerce group, Kaspi.kz, has agreed to acquire Rabobank's Turkish subsidiary, which is a fully licensed bank in Türkiye with no borrowing or depositing clients and a single branch. The acquisition, announced on March 27, is pending regulatory approval and is considered non-material. Rabobank's Turkish operations, established in 2013, are the 40th largest lender in the Turkish banking sector, with assets of 1.9 billion Turkish Liras as of the end of 2024.
Kaspi.kz, a Kazakhstan-based financial technology company, has signed a deal to acquire Rabobank's Turkish unit. The company offers a variety of services, including online payments, e-commerce, and digital banking, catering to both retail and corporate clients through a comprehensive network of branches and ATMs.
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OPEC revises 2025 oil demand forecast amid US trade tariff concerns
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