Global Oil Demand Growth Revised Downwards

The International Energy Agency (IEA) has adjusted its forecast for global oil demand growth in 2025, now expecting an increase of 1.03 million barrels per day (bpd), down from the previously estimated 1.1 million bpd. The total oil demand is anticipated to reach 103.9 million bpd. This revision is attributed to escalating trade tensions, which are believed to significantly impact global demand.

World Oil Supply on the Rise

In related news, the global oil supply saw an increase of 240,000 bpd in February, bringing the total to 103.3 million bpd. The United States, currently producing at record levels, is projected to be the leading source of supply growth by 2025. However, the report cautions that US-imposed tariffs on Canada and Mexico could adversely affect their production levels and oil prices.