04:08 PM EDT, 03/12/2025 (MT Newswires) -- The Organization of the Petroleum Exporting Countries on Wednesday maintained its global oil demand projections for 2025 and 2026, while flagging mounting economic uncertainty amid trade tensions.

The cartel continues to expect oil demand to grow by 1.45 million barrels a day this year and by 1.43 million barrels in 2026, according to its monthly report.

Consumption this year is expected to be buoyed by "strong air travel demand and healthy road mobility, including on-road diesel and trucking," the OPEC wrote. Industrial, construction and agricultural activities in countries outside of the Organization for Economic Cooperation and Development, or OECD, are expected to further support growth, the report showed.

The OPEC maintained its world economic growth forecast of 3.1% for 2025 and 3.2% for next year, though the cartel said uncertainties regarding trade are "raising concerns." It held gross domestic product projections for the US steady at 2.4% and 2.3%, respectively.

"Although the US economy is expected to sustain consumer demand momentum, rising uncertainty regarding trade and inflation remains a concern," the cartel wrote. While the expectation is for a resolution to be reached regarding tariffs on Canada and Mexico, "the risk remains that tariffs will remain in place longer than anticipated, potentially triggering further retaliatory measures that could weigh on growth," the OPEC said.

Trade-driven price pressures, particularly in North American manufacturing, could renew inflationary pressures, the cartel said.

The highly integrated industrial sector of North America would face "major challenges" adjusting to tariffs and could face potentially significant short-term effects, according to the monthly report.

West Texas Intermediate crude oil jumped 2.2% at $67.72 a barrel in Wednesday late-afternoon trade, while Brent rose 2.1% to $71.01.

The Energy Information Administration said Tuesday that it sees Brent's spot price rising to $75 per barrel by the third quarter as lower production in Iran and Venezuela will likely drive global oil inventories down in the second quarter.

The OPEC kept its liquid supply projections over the next two years unchanged from the February report. It continues to expect supply from countries not participating in the Declaration of Cooperation, or DoC, to grow by 1.01 million barrels a day this year and by 1 million barrels a day in 2026. The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies.