Global Oil Demand Outlook Dims Amid Rising Trade Tensions

The International Energy Agency (IEA) has adjusted its oil demand growth forecast for the latter part of 2024 and the beginning of 2025, citing escalating trade tensions as a primary concern. In its March Oil Market Report released on Tuesday, the IEA noted a slight reduction in expected growth to approximately 1.2 million barrels per day (mb/d). This revision comes in the wake of the United States' announcement of new tariffs, which have stirred global trade uncertainties.

As the situation develops, the IEA's report underscores the delicate balance between global economic policies and energy market stability. Stakeholders are advised to stay tuned for further updates as more data becomes available.