The International Energy Agency (IEA) said on Thursday that global oil demand is expected to grow by 1.03 million barrels per day (bpd) in 2025, compared to 1.1 million bpd in its previous monthly report. Total oil demand is seen at 103.9 million bpd. The agency cited the escalation of trade tensions as the main reason for the drop in demand.
Meanwhile, the world oil supply rose by 240,000 bpd in February to 103.3 million bpd. "The United States is currently producing at record highs and is forecast to be the largest source of supply growth in 2025," the report said, adding that US tariffs on Canada and Mexico could impact their output and prices.
