The IEA monthly report shows that due to the escalation of global trade tension caused by US President Trump's tariffs, putting pressure on the global economy, oil demand growth is expected to fall short of previous expectations. The IEA said, “During the next 90-day tariff moratorium, it is expected that difficult trade negotiations will take place, and the oil market will go through a bumpy journey. Our predictions for this year and next are quite uncertain.” The IEA revised the economic growth assumptions underpinning its oil demand forecast, lowering the global GDP forecast for 2025 and 2026 from 3.1% to around 2.4% and 2.5%, respectively. As a result, global oil demand is expected to be adjusted from 1.03 million b/d to 726,000 b/d this year, with an average of 103.5 million b/d per day. Growth is expected to slow further to 692,000 b/d next year.

The IEA monthly report shows that due to the escalation of global trade tension caused by US President Trump's tariffs, putting pressure on the global economy, oil demand growth is expected to fall short of previous expectations. The IEA said, “During the next 90-day tariff moratorium, it is expected that difficult trade negotiations will take place, and the oil market will go through a bumpy journey. Our predictions for this year and next are quite uncertain.” The IEA revised the economic growth assumptions underpinning its oil demand forecast, lowering the global GDP forecast for 2025 and 2026 from 3.1% to around 2.4% and 2.5%, respectively. As a result, global oil demand is expected to be adjusted from 1.03 million b/d to 726,000 b/d this year, with an average of 103.5 million b/d per day. Growth is expected to slow further to 692,000 b/d next year.