Oil Demand Growth Forecast Dismal Amid Trade Wars

The International Energy Agency (IEA) has drastically revised its oil demand growth forecast, projecting an increase of only 730,000 barrels per day (bpd) for this year. This marks a significant reduction of 300,000 bpd from last month’s predictions, as escalating trade tensions weigh heavily on the global economic outlook.

Economic Struggles Ahead?

In its latest Oil Market Report for April, the IEA indicated that next year will likely see even slower growth, with demand expected to rise by just 690,000 bpd. This deceleration reflects the volatile landscape created by ongoing trade disputes that continue to shake international markets.

A Roller Coaster Ride for Oil Markets

Despite a promising start to the year—with global oil demand surging by 1.2 million bpd in the first quarter, the strongest growth since 2023—the agency warns that the situation has changed dramatically. “Buckle up,