IEA lowers forecast for global oil demand growth in 2025

Due to the escalation of trade tensions, the International Energy Agency (IEA) has lowered its forecast for global oil demand growth this year by 300,000 barrels per day, to 730,000 barrels, and now expects it to be at 103.54 million barrels per day, Report informs referring to the IEA.

At the same time, according to the agency's estimates, last year global oil demand was 102.81 million barrels per day, which is 70,000 barrels per day less than in the previous report. Based on this, this year demand should grow by 730,000 barrels per day.

In the March update, the IEA expected oil demand to grow by 1.03 million barrels per day by the end of this year. Thus, in the new update, the agency lowered its forecast by 300,000 barrels per day.

Next year, the IEA forecasts a slowdown in demand growth, which will increase by 690,000 barrels per day to 104.23 million.

However, risks to the forecasts remain high given the rapidly changing macroeconomic backdrop, the EIA added.