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Trade Tensions and Tariffs: IEA, EIA, and OPEC Slash Global Oil Demand Forecasts
Summary by Arab Gulf States Institute in Washington…
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Trade Tensions and Tariffs: IEA, EIA, and OPEC Slash Global Oil Demand Forecasts
The International Energy Agency and the U.S. Energy Information Administration cut sharply their estimates for oil demand growth in 2025 amid the escalating trade dispute between the United States and China. OPEC was more bullish though it too trimmed its demand forecasts for this year and next. All three organizations cited the negative impact of U.S. tariffs as the reason for the downgrades. In its April “Oil Market Report,” the IEA slashed it…
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