Core Viewpoint - The article discusses the significant decline in oil prices due to ongoing global trade tensions and OPEC's consideration to halt production increases, highlighting the need for OPEC to innovate its soft power to balance long-term growth narratives with short-term market fluctuations [1][2][3]. Group 1: Oil Price Decline - Oil prices fell sharply, with West Texas Intermediate crude settling at $66.67 per barrel, down $1.81 (2.65%), and Brent crude at $68.64 per barrel, down $1.55 (2.21%) [1]. - OPEC has revised its oil demand growth forecast for 2025-2029, predicting a total increase of about 19% to reach 123 million barrels per day by 2050 [1][2]. Group 2: OPEC's Strategy and Challenges - OPEC is discussing a pause in production increases, interpreted by the market as a signal that the market cannot absorb more supply, raising concerns about potential oversupply risks [2][3]. - The imbalance between production increases and weak demand has led to a strategic shift for OPEC, reflecting a failure in the coordination between market share competition and supply-demand management [4]. Group 3: External Influences on Oil Demand - U.S. tariff policies, including a 50% tariff on Brazilian goods, are expected to suppress global trade activity and weaken oil demand expectations [2][5]. - The ongoing trade tensions and the potential for supply overhang are critical factors influencing oil price stability, necessitating OPEC's response to these external pressures [3][4]. Group 4: Future Demand Dynamics - The growth in oil demand is primarily driven by developing countries, with significant contributions from urbanization and emerging technologies like AI [2][4]. - OPEC's long-term outlook suggests that fossil fuels will continue to dominate the global energy mix, accounting for approximately 80% of energy sources, similar to levels seen in 1960 [2].